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Venture Capital Investments for Insurers Opportunities, Constraints and Policy Considerations

 
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<title>Venture Capital Investments for Insurers</title>
<subTitle>Opportunities, Constraints and Policy Considerations</subTitle>
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<publisher>Insurance Europe</publisher>
<dateIssued>2026</dateIssued>
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<abstract displayLabel="Summary">The paper analyses European insurers' participation in venture capital (VC), explaining why allocations remain limited and what could enable prudent growth. It outlines Europe's VC gap versus global peers, noting shallow late-stage markets, IPO channels and regulatory fragmentation. It details insurers' liability-driven model, solvency and liquidity needs, and how VC's high dispersion, illiquidity, J-curve and valuation complexity constrain allocations. It reviews regulatory aspects under Solvency II, operational expertise needs, concentration risks, and market depth issues. The paper proposes enabling conditions: scalable fund-of-funds and pan-European access vehicles, publicprivate partnerships, functioning secondary markets, consistent Solvency II implementation, reduced fragmentation, and broader competitiveness reforms. A case study of Israel's Yozma programme illustrates catalytic publicprivate design. Policy recommendations focus on improving Europe's competitiveness, creating scalable platforms, leveraging promotional banks, developing secondary markets, and ensuring political support.</abstract>
<tableOfContents>Europe's Venture Capital Gap -- Insurers as Long-Term Investors in the Economy -- Venture Capital in Insurers' Portfolios: Rationale and Constraints -- Enabling Greater Insurer Participation: Market, Regulatory and Institutional Conditions -- Policy Recommendations -- What is Venture Capital? -- Case Study: The Yozma Programme (Israel)</tableOfContents>
<note type="statement of responsibility">Insurance Europe</note>
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<url displayLabel="electronic resource" usage="primary display">https://www.insuranceeurope.eu/news/3566/boosting-europe-s-venture-capital-why-insurers-need-the-right-conditions-to-invest</url>
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