Risk Transfer Report 2024

2023 overview

We expect 2023 to have been a record year for risk transfer transactions, marked by a shift towards full-scheme buy-ins, many multibillion-pound buy-ins and a sustained change in market dynamics as insurers felt the resourcing pinch driven by high demand.

As we step into 2024, the risk transfer market is poised for unprecedented change, creating a landscape of opportunities for pension schemes of all sizes. We expect 2024 to see more insurers competing for buy-ins, a record volume of multibillion-pound transactions and more use of alternative risk transfer options and captive insurance. 

Report overview

Download our full report, where we track the changes in the bulk annuity market and look at what these changes could mean for your DB pension scheme. We focus on the following themes: 

• Bulk annuity insurers overview - an update on market dynamics over 2023 and our predictions for 2024.

• Investment influences - how the volatile investment markets in 2022 led to innovative solutions for schemes with illiquid assets, and whether these solutions have been used in practice.

• The trustee perspective - an update on the alternative risk transfer market, insights into exclusive broking processes, the impact on the bulk annuity market of large transactions and new entrants, and how schemes can best prepare for their endgame.

• External influences - how trustees can compare insurers from an ESG perspective, and what Solvency II reforms mean for insurers and for pension schemes.

• Longevity risk - how the lack of consensus on post-Covid longevity trends can create opportunities for pension schemes.

We hope you enjoy reading our insights. Please don’t hesitate to get in touch if you have any comments or questions about anything covered.

Download our 2024 Risk Transfer Report

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