← Depreciating CollateralEren Kahraman · November 2026

Figure 5.2. Insurers, pension funds and banks

A. Euro area: private credit as a share of assets (%), Category: Insurers, Value: 2.3%. A. Euro area: private credit as a share of assets (%), Category: Pension funds, Value: 1.4%. A. Euro area: private credit as a share of assets (%), Category: Banks, Value: 0.2%. B. Insurers planning to increase private credit allocations (%), Category: 2024 survey, Value: 32%. B. Insurers planning to increase private credit allocations (%), Category: 2026 survey, Value: 57%.

BanksPrivate credit funds, asset managersInsurersPension fundstransfer data centre loansA. Euro area: private credit as a share of assets (%)0.00.51.01.52.02.5InsurersPension fundsBanks2.3%1.4%0.2%B. Insurers planning to increaseprivate credit allocations (%)57%2026 survey32% in the 2024 surveyPension assets at the end of 2025USD 78 trillion106%combined GDP of OECD countries
BanksPrivate credit funds,asset managersInsurersPension fundstransfer data centre loansA. Euro area: privatecredit as a share ofassets (%)0.00.51.01.52.02.5InsurersPensionfundsBanks2.3%1.4%0.2%B. Insurers planningto increase privatecredit allocations (%)57%2026 survey32% in the 2024 surveyPension assets at the end of 2025USD 78 trillion106%combined GDP of OECD countries

Source: Panel A: ECB, via Beinsure (2026). Panel B: Mercer (2026), Global Insurance Investments Survey.

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Figure 5.2. Insurers, pension funds and banks: data
PanelCategoryValue
A. Euro area: private credit as a share of assets (%)Insurers2.3%
A. Euro area: private credit as a share of assets (%)Pension funds1.4%
A. Euro area: private credit as a share of assets (%)Banks0.2%
B. Insurers planning to increase private credit allocations (%)2024 survey32%
B. Insurers planning to increase private credit allocations (%)2026 survey57%
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)