On 15 July 2013, rating agency Moody's published a report titled "European Insurance: Low Rates and New Regulations Will Drive Increase in Illiquid Investments". This states that, amongst other factors, low interest rates are causing European insurers to invest in more illiquid asset classes (such as real estate and private loans). It also predicts that insurers will change their investment portfolios considerably if the low interest rate environment continues – investing further in more illiquid assets.