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US insurance industry’s exposure to agency and private-label CMBS hits $287bn
Written by Adam Cadle
20/10/2025
The US insurance industry’s exposure to agency and private-label commercial mortgage-backed securities (CMBS) totalled $287bn at year-end 2024, a 1% year-over-year (YoY) increase, according to the National Association of Insurance Commissioners (NAIC).
P&C insurance companies were the primary driver of growth, with their agency CMBS exposure rising 22% to $36bn.
Agency CMBS accounted for 28% of US insurers’ total CMBS exposure at year-end 2024, reflecting a steady increase from 24% at year-end 2022.
The credit quality of the CMBS portfolio remained stable overall, with investments carrying an
NAIC 1 designation or NAIC 2 designation totalling 97.6% of total exposure at year-end 2024.
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