A new study by Clearwater Analytics reveals that Asia‑Pacific insurers are set to outsource a larger share of their portfolios to external asset managers, driven by technological advances and the expanding private markets, reshaping their investment strategies.
A new study by Clearwater Analytics finds Asia‑Pacific insurers are poised to shift a larger portion of their portfolios to external asset managers as allocations to private markets expand and investment technology improves.
According to the Clearwater survey of senior executives overseeing a combined $2.6 trillion in assets, insurers currently outsource an average of 35% of their portfolios, with delegation levels ranging from about 24% to 45% across firms in Hong Kong, Singapore and Australia. The report says 67% of respondents expect a greater share of assets to move to outside managers over the next five years, while 22% anticipate bringing more in‑house and 11% expect no change.
Clearwater’s executives attribute the move not principally to cost or to gaps in in‑house talent but to higher‑value considerations. The study ranks reputation and the growing acceptance of third‑party managers as top drivers, followed by improved transparency, reporting and analytics, and better control over investment models and risk. The firm also notes that visibility into portfolio data enabled by modern platforms is increasing insurers’ comfort with external oversight.
“The use of third‑party asset managers across APAC is set to accelerate as insurers become increasingly comfortable with the practice and seek specialised expertise for complex private market investments,” Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at CWAN, said. “It is striking that the trend is not mainly being driven by a desire to cut costs or because firms lack in‑house expertise,” he added. “Generally, the shift is being driven by technology and the growing use of platforms which enable insurers to have the control and transparency they need. With 96% expecting increased M&A activity and private markets set to represent a third of allocations, external expertise becomes a competitive advantage.”
Industry data provide wider context for that private‑market growth: a separate industry survey of insurance asset managers and consultants covering US$4.5 trillion of unaffiliated general account AUM reports private markets allocations have risen to about 21% (from 15% in 2022 and 7% in 2015), underscoring a multi‑year trend toward greater exposure to private assets. According to the Clearwater findings, some insurers now foresee private markets representing roughly a third of allocations as deal activity and complex strategies expand.
The shift has operational as well as strategic implications. Clear benefits cited include enhanced reporting and risk analytics delivered by external managers and platform providers, which insurers say improve control even while outsourcing execution. At the same time, the prevalence of outsourcing , currently averaging 35% of portfolios in the Clearwater sample , suggests firms will need robust governance, reporting standards and vendor oversight as third‑party relationships deepen.
Taken together, the research suggests a structural reallocation of investment responsibilities across APAC insurers: as private markets grow and technology raises visibility, many firms appear likely to lean more heavily on specialist external managers while retaining oversight through advanced analytics and platform capabilities.
- https://payspacemagazine.com/news/apac-insurers-shift-toward-external-asset-management-as-private-markets-expand-cwan-survey-finds/ – Please view link – unable to able to access data
- https://www.asiapacificsecuritymagazine.com/apac-insurers-plan-external-management-shift/ – A recent study by Clearwater Analytics reveals that 67% of Asia-Pacific insurers plan to increase their use of external asset managers as private markets expand. The survey, covering firms in Hong Kong, Singapore, and Australia with a combined $2.6 trillion in assets, found that insurers currently outsource an average of 35% of their portfolios. Over the next five years, 67% of respondents expect a greater share of assets to move to outside managers, indicating a structural evolution in how insurers engage with increasingly complex asset classes, particularly private markets.
- https://www.insurancebusinessmag.com/asia/news/breaking-news/apac-insurers-shift-more-assets-to-external-managers-tech-tools-558824.aspx – Clearwater Analytics’ latest study indicates that insurers in Asia and Australia are preparing to allocate a larger share of their portfolios to external managers as they expand into private markets and seek improved technology and reporting capabilities. The survey found that participants currently outsource, on average, 35% of their portfolios to third-party managers, with individual firms delegating between 24% and 45% of assets. Over the next five years, 67% of respondents anticipate a larger proportion of assets will be managed by external managers.
- https://insuranceasia.com/insurance/in-focus/why-apac-insurers-average-35-assets-external-managers – Research from Clearwater Analytics shows that Asia-Pacific insurers are increasing their use of external asset managers as private market investments expand. The study found that insurers in Hong Kong, Singapore, and Australia now place an average of 35% of their assets under external management, with allocations ranging from 24% to 45% across surveyed firms managing a combined $2.6 trillion. The trend is set to accelerate, with about 67% of insurance asset management executives expecting more of their portfolios to be handled by external managers over the next five years.
- https://alternativecreditinvestor.com/2025/12/03/apac-insurers-seek-third-party-managers-to-support-private-markets-investments/ – A survey by Clearwater Analytics reveals that over a third of Asia-Pacific insurance asset managers are turning to third-party firms to manage their funds as they increase allocations to complex private market products. The study found that, on average, 35% of portfolios are managed externally, with delegation ranging from 24% to 45% across firms managing a combined $2.6 trillion in assets. Approximately two-thirds of respondents expect a further move towards outsourcing, while 22% anticipate bringing more assets back in-house.
- https://asianbusinessreview.com/insurance/in-focus/why-apac-insurers-average-35-assets-external-managers – Clearwater Analytics’ research indicates that Asia-Pacific insurers are increasing their use of external asset managers as private market investments expand. The study found that insurers in Hong Kong, Singapore, and Australia now place an average of 35% of their assets under external management, with allocations ranging from 24% to 45% across surveyed firms managing a combined $2.6 trillion. The trend is set to accelerate, with about 67% of insurance asset management executives expecting more of their portfolios to be handled by external managers over the next five years.
- https://www.theasset.com/article/54405/insurance-asset-managers-boost-private-market-allocations – Data from 101 insurance asset managers and consultants, representing US$4.5 trillion in unaffiliated general account insurance assets under management (AUM), shows that 21% of these assets are now allocated to private markets—up from 15% in 2022 and 7% in 2015. The report highlights a significant increase in allocations to private assets from insurance asset managers, reflecting a broader trend of insurers seeking diversification and higher returns through private market investments.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
9
Notes:
The narrative is based on a recent press release from Clearwater Analytics, dated December 6, 2025, indicating high freshness. The earliest known publication date of substantially similar content is December 3, 2025, in Alternative Credit Investor. The report has been republished across various reputable outlets, including Insurance Asia and The Asset, suggesting widespread dissemination. No significant discrepancies in figures, dates, or quotes were found. The inclusion of updated data on private market allocations and external asset management supports the narrative’s relevance. No recycled content or clickbait tactics were identified. The press release format typically warrants a high freshness score.
Quotes check
Score:
10
Notes:
Direct quotes from Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific at Clearwater Analytics, are consistent across multiple reputable outlets, indicating originality. No variations in wording were found, suggesting the quotes are directly sourced from the press release.
Source reliability
Score:
10
Notes:
The narrative originates from Clearwater Analytics, a reputable organisation known for its expertise in investment management technology. The press release has been covered by multiple reputable outlets, including Insurance Asia, The Asset, and Alternative Credit Investor, indicating high credibility.
Plausability check
Score:
10
Notes:
The claims regarding the shift towards external asset management by APAC insurers are corroborated by multiple reputable sources, including Insurance Asia and The Asset. The data on private market allocations and the role of technology in investment operations are consistent with industry trends. The language and tone are appropriate for the region and topic, with no inconsistencies or suspicious elements identified.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is based on a recent press release from Clearwater Analytics, dated December 6, 2025, and has been corroborated by multiple reputable sources. The quotes are consistent and directly sourced from the press release, and the claims are plausible and supported by industry data. No issues with freshness, originality, or potential disinformation were identified.