US Insurance: 2Q26 - An Update On Insurance Crowding

Research evidence excerpt

US Insurance: 2Q26 - An Update On Insurance Crowding

Global Research

16 July 2026ab

US Insurance Equities

Americas2Q26 - An Update On Insurance Crowding

Insurance

Brian Meredith

Sector Crowding: Life Insurance overtakes P&C underwriters as most crowded Analyst

Our Quant team's crowding data as of July 10th, 2026 shows Life Insurers (score: +8.3) brian.meredith@ubs.com

overtook P&C (score: +6.8) as most crowded, while Insurance Brokers' (-2.7) crowding +1-212-713 2492

weakened further, relative to 3-months ago. P&C underwriters saw the largest decrease Michael Ward

over this period. This compares to our 1Q26 analysis where P&C Insurers led, followed Analyst

by Life Insurers and the Insurance Brokers. Within P&C, Personal Lines remains most michael.ward@ubs.com

crowded, followed by (Re)Insurers, and then Commercial Lines. (Re)Insurers increased +1-212-713 3518

the most in crowding over that 3-month period. These results are in line with what we Justin Tucker

have been hearing anecdotally where investors are more optimistic on Life names Associate Analyst

following private credit concerns. P&C underwriters continue to fall out of favor on justin.tucker@ubs.com

deteriorating fundamentals, but have rallied recently as investors rotate to a risk-off +1-212-713 2325

positioning. For Brokers, fears over disintermediation from AI and slowing organic Leandro Leite

revenue growth has weighed on sentiment. However, we continue to recommend the Associate Analyst

group as we believe organic growth expectations are set to improve, and we believe leandro.leite@ubs.com

concerns over disintermediation are overblown. See our 2Q26 P&C Preview & Life +1-212-882 5559

Preview for further views on Insurance. Kristina Milanovic

Associate Analyst