2026 Global Life Reinsurance Sector Outlook: Cautious Optimism as Asset-Intensive Sector Enters Its Next Phase
Heading into 2026, the global life reinsurance landscape is one of exciting growth that KBRA believes is also tempered by a healthy dose of caution. While it appears that the excess mortality experienced during the pandemic has subsided, growth in asset-intensive reinsurance (AIR) continues to accelerate which, we believe, is unlocking substantial pools of capital seeking attractive, uncorrelated returns to better address the retirement savings gap. Further, as the retirement savings gap is fueling new business volumes for primary insurers and, in turn, driving demand for asset-intensive (e.g., annuity) reinsurance across geographies, KBRA views this as a global phenomenon, with Bermuda playing a particularly prominent role.
In this report, we highlight five trends to watch that we believe will shape the industry, and review each of the key implications to the credit profile of the sector.
Key Takeaways
As morbidity and mortality revert to historical averages globally, the…
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