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US insurers report 3.1% YOY decline in CMBS

Written by Adam Cadle
06/11/2024

US insurance companies reported a 3.1% YOY decline in commercial mortgage-backed securities (CMBS) to $284bn at year-end 2023, driven by private-label.

According to the NAIC, CMBS represented 28.6% of the US insurance industry’s total commercial real estate (CRE) exposure, declining from 29.9% as of year-end 2022.

Private-label CMBS accounted for around three-quarters of US insurers’ CMBS exposure at year-end 2023, and agency CMBS accounted for one-quarter.

The credit quality of the CMBS portfolio marginally weakened YOY, with investments carrying an NAIC 1 designation and NAIC 2 designation falling to 97.5% of total exposure at year-end 2023 from 98.1%.


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