The most overlooked risk in private credit is in the life insurance industry, according to investors and economists. Life insurance, particularly annuities purchased by individuals to fund retirement, could be a key driver of the pressures on private credit that affect their lives. An estimate from the Chicago Fed suggests that life insurer investments will reach $849 billion in 2024, more than double what it was in 2014 and nearly half of the $1.8 trillion sector. This is raising concerns about the private credit market, which is larger than BDCs. However, the private market is opaque and it is difficult to assess the risk.