Europe’s insurers have been grabbing the headlines when it comes to investing in infrastructure. In the United Kingdom alone, Pension Insurance Corp. has committed £100 million to the debt financing of the Thames Tideway Tunnel, a £4.2 billion new “super sewer” being built below London and due for completion in 2023. Life insurer Prudential, meanwhile, through its investment arm M&G is preparing to inject up to £100 million ($132 million) in the £1 billion ($1.3 billion) Swansea Bale Tidal Lagoon project in Wales.

Such commitments in 2016 have followed other high-profile moves into infrastructure debt investments such as reinsurer Swiss Re agreeing to invest $500 million as the first client of the newly established Macquarie Infrastructure Debt Investment Solutions in 2012. And Allianz in 2014 raised a £500 million infrastructure debt fund that included commitments from Japanese insurer Nippon Life.

Many hope that such high-profile commitments are the fi