Soft underwriting markets, the impact of the Solvency 2 led capital regime, a low rates environment - all now ubiquitous dilemmas for the insurance company executive...but the growth of alternatives investing by insurers in response to these issues could lead to some profound changes in the industry itself. 

Among other alternative categories, this FT discussion touches on the increased appetite by industry CIO's for private equity debt - partly prompted by 2016 adjustments to capital rules.  In a world of shrinking bank balance sheets, the effects on insurance company business models might be significant...