Data center insurance could become harder to obtain as AI infrastructure concentrates valuable equipment and computing capacity in a small number of locations, Aon CEO Greg Case warned. He said the resulting coverage difficulties could change financing structures and limit some developers’ access to debt markets.

Key Takeaways

  • Case said clustered facilities can create concentration risk that makes insurance more difficult to secure.
  • Aon has developed a $10 billion data center insurance facility and is working with developers on design, location and coverage.
  • Case wants the insurance industry to draw on additional capital sources to cover emerging risks.

Why data center insurance matters for financing

Speaking on October 28, 2026, Case said putting facilities close together can create an accumulation of risk that makes projects harder to insure. If coverage becomes more difficult to obtain, he warned, their financing structures could change and developers may be unable to access debt markets.

Aon’s explanation of data center accumulation risk describes how facilities clustered in regional hubs can share infrastructure, equipment and supply chains. A disruption at one location can therefore affect multiple facilities and insurance policies, putting pressure on available coverage.

Case also estimated that business interruption at data centers could cost millions of dollars per minute. That is his assessment of potential exposure, not a reported loss from a specific incident.

Aon seeks more insurance capacity

Aon said it is working with developers on facility design and location, business-interruption risk and coverage structures that can support financing. The broker has developed specialized pools of insurance capacity, including a $10 billion data center facility and a $2.5 billion energy facility.

Case estimated that the global insurance industry has about $4.5 trillion in capital and said its capital base may need to double or triple to meet growing demand across cyber, AI and other emerging risks. He pointed to institutional investors, pension funds, sovereign wealth funds and wealthy individuals as potential additional sources.

Those investors would need to assess the possibility of large, correlated losses. Case said accurately quantifying exposures is important to giving them confidence to commit capital.

Aon’s commercial risk business

Aon reported a record pipeline of data center projects alongside 7% organic revenue growth in its commercial risk business in the third quarter of 2026. Its adjusted earnings per share rose 10% to $3.36, while adjusted operating margin expanded 70 basis points to 27%.

Separately, Aon’s $17 billion acquisition of USI Insurance Services remained pending. The company expected the transaction, which it plans to finance with debt, to close in the fourth quarter of 2026, subject to customary conditions including regulatory approvals.

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