Insurance
The latest global Insurance finance research, including industry news, and in-depth commentaries from the S&P Global Ratings insurance finance team.
The Insurance Gap Is Reshaping Hyperscale Data Center Finance
Capital spending to build hyperscale data center campuses has reached tens-of-billions of dollars per site, pushing beyond the levels at which traditional property and construction insurance markets have historically provided full replacement-style coverage at a single location. These constraints primarily apply to physical construction and real asset development. As a result, insurance for data centers is increasingly structured through probable maximum loss (PML) or maximum foreseeable loss (MFL)-based and layered programs that may only cover part of the total project value, leaving a larger share of exposure outside the insurance coverage than has been typical for large-scale infrastructure.
Scenario Analysis: North American Life Insurers Can Manage Private Credit Market Stress, if One Occurs
Private credit has long been a staple of life insurers' investment strategies. In recent years, its share of insurers' portfolios has meaningfully grown, while at the same time expanding beyond the private placements that life insurers have traditionally managed into a variety of asset classes and structures that can be more complex and less transparent. This development--alongside the growing skepticism of private credit by the financial press, regulators, and other market observers--has understandably raised questions in the market as to how exposed life insurers are to private credit, and how they might be impacted if the performance of their private credit investments were to deteriorate.
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