Growth in US insurance industry’s mortgage loans exposure increases to 6.9%

Written by Adam Cadle

04/09/2025

Growth in the US insurance industry’s mortgage loans exposure increased to 6.9%, with reported book/adjusted carrying value (BACV) reaching $823bn at year-end 2024, according to the National Association of Insurance Commissioners (NAIC).

Mortgage loans represented 9.2% of US insurers’ total cash and invested assets and around 13.7% of life insurers’ cash and invested assets.

Life insurance companies are the third largest lender to the commercial mortgage market, after banks and thrifts, and agency and government-sponsored entities, according to the Mortgage Bankers Association (MBA).

Office properties declined to the third-largest share of US insurers’ mortgage loan exposure, following multifamily and industrial properties.

MBA data showed that commercial mortgage default rates at life companies continued to compare favourably to defaults at banks and thrifts as of year-end 2024.

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