Credit and Political Risk Insurance Capacity Survey and Market Update 2026

Strong capacity, broader appetite and evolving risk dynamics

The credit and political risk insurance (CPRI) market has entered 2026 in a position of strength, with growing capacity, sustained competition and increasingly sophisticated insurer appetite. Despite continued macroeconomic and geopolitical uncertainty, insurers remain active across a wide range of sectors, structures and geographies.

Our 2026 CPRI capacity survey, conducted in January 2026 with 76 credit and political risk insurers across Lloyd's syndicates and company markets, brings together detailed capacity data and qualitative insights from insurers across the global market. The survey highlights how insurers are responding to shifting macroeconomic conditions, geopolitical uncertainty, evolving regulatory frameworks and changing client needs — while continuing to support large, complex and long tenor transactions.

Key highlights from the 2026 survey and market update

• Continued growth in market capacity, with increases recorded across contract frustration, transactional credit and political risk capacity
• Strong competition among insurers, supporting sizeable line deployments, extended tenors and flexible structuring for well-rated credits
• A sharp rise in appetite for non-trade transactional credit, reflecting a shift in underwriting focus toward overall credit fundamentals rather than deal classification
• Expanding support for portfolio, SRT-style and multi-obligor structures, particularly for bank de-risking strategies
• Sector specific insights, including the rapid growth of insurer exposure to data center financing and evolving attitudes to infrastructure, power, energy and sovereign risk
• An overview of claims trends, including the impact of sanctions, geopolitical tensions and insolvency patterns across regions and sectors

In a market characterized by growing capacity and intensified competition, insurers are increasingly selective about where they choose to differentiate. With pressures around capital deployment, governance and macroeconomic uncertainty still present, many are focusing their competitive efforts on areas where they can have the greatest impact — including appetite flexibility, line size, tenor and structural capability for well‑understood risks.

Download the full report to understand how the CPRI market is evolving, where capacity is available and how you can take advantage of current market conditions. If you require further detail on the insurer appetite and capabilities highlighted in this report, please contact us.