Data Center Expansion Creates Organic Growth Potential for Brokers Such as Aon and Marsh
The global surge in data center construction, fueled by the rapid advancements in generative artificial intelligence (AI) and machine learning, is presenting significant growth opportunities for major brokers like Aon and Marsh. As the demand for data centers escalates, these brokers are positioning themselves as trusted partners in this evolving ecosystem.
“Over the next five years, it’s estimated that between 2,000 to 3,000 data centers will be constructed worldwide, and we’re already well on the way to establishing our pre-eminence in this ecosystem as a trusted partner,” stated Martin South, president and CEO of Marsh Risk, during an analysts’ call to discuss Marsh’s fourth quarter and full-year results.
In 2025 alone, Marsh US captured the leading market share of the $205 billion in data center construction values. The company is also recognized as “the clear leader” in Asia, serving six of the largest foundry businesses, the four largest memory integrated device manufacturers, and the largest semiconductor tool manufacturer.
Read more: The $3 Trillion AI Data Center Build-Out Becomes All-Consuming For Debt Markets
“The data center opportunity is unique; it has never been seen before; it is monumental. It also requires a level of response and complexity that’s beyond what the traditional industry has ever accomplished,” remarked Aon CEO Greg Case during last week’s analysts’ call. He emphasized the need for innovative approaches to risk management and capital pooling, predicting that data center opportunities will bolster mid-single-digit or greater organic revenue growth.
John Doyle, president and CEO of Marsh, projected that investment in digital infrastructure is expected to reach approximately $3 trillion over the next five years. A recent report from Allianz Commercial cites Morgan Stanley statistics indicating that data center investments will hit $3 trillion by 2029, while McKinsey estimates capital outlays could approach $7 trillion by 2030.
“It’s been an area of focus for us for some time,” Doyle noted, highlighting Marsh’s launch of a Digital Infrastructure Practice to meet growing demand. This practice is led by Mike Mathews, who was appointed as the global digital infrastructure leader in December.
Investment in digital infrastructure is coming from various sectors of the economy, not just hyperscalers. Allianz defines “hyperscalers” as major technology companies driving this expansion. In 2024, hyperscalers globally spent around $210 billion on data center capital expenditures related to AI deployments.
Dean Klisura, president of Guy Carpenter, Marsh’s reinsurance business, described the digital infrastructure sector as presenting the most significant new business opportunity in 2026 for both cedents and reinsurers. He noted estimates of up to $10 billion in new premium entering the market due to these opportunities, emphasizing the need for increased capacity.
“No cedent is going to put up billions of dollars of capacity for a single location risk. That’s a real issue,” Klisura explained. “All of our clients want to write data centers across 10-plus products globally, but they require additional reinsurance protections.”
To address these challenges, Klisura stated that new capital, beyond traditional reinsurance, must enter the market. “The introduction of third-party capital and securitizing some of these risks via sidecars and other vehicles is going to be critical,” he added, highlighting the need for deep-pocketed investors given the scale of these risks.
Nick Studer, president and CEO of Marsh Management Consulting, pointed out that opportunities in data centers extend beyond new constructions, encompassing 90% of existing data centers that need to be AI-enabled. “We’re working with colleagues across our businesses to help manage that transformation, integrating strategy, risk, and execution planning,” he said.
Marsh Risk’s South acknowledged that insurance capacity is vital for supporting data center growth, which is why Marsh’s large-scale data center construction insurance facility, “Nimbus,” doubled its capacity to $2.7 billion for major data center construction projects across various regions.
Aon has also detailed its opportunities arising from the data center construction boom. CEO Case noted that Aon currently manages one-third or more of existing data centers, positioning the firm exceptionally well in this burgeoning market.
KBW equities analyst Meyer Shields summarized Aon’s insights on data center opportunities as a “once-in-a-generation global build cycle requiring new risk structures, alternative capital, and analytics.” He emphasized that only a few global brokers, including Aon, can credibly address data center insurance needs, which is expected to sustain above-average organic revenue growth in 2026 and beyond.
In July 2025, Aon launched its Data Center Lifecycle Insurance Protection Program (DCLP), providing coverage from construction through operational readiness under a single integrated facility. The capacity was recently expanded to $2.5 billion.
Case highlighted several success stories, illustrating how Aon is driving results and momentum in 2026. When a large international construction client required dedicated brokerage support for a new data center project, Aon combined its advisory role with a united global team, integrating expertise from various specialties to deliver a comprehensive proposal.
In addition to DCLP coverage, Aon provided advanced climate analytics and proprietary risk analyzers, aligning with the client’s long-term growth strategy. “The client credited our team’s expertise and our global connectivity as central to the win,” Case noted.
Case also shared a recent achievement from Aon’s reinsurance team, which designed and placed the first-ever data-center-specific treaty, providing up to $5 billion of capital through the insurance value chain behind a leading insurer. He emphasized that Aon’s advisory capabilities around site selection, design, and engineering are critical for effective capital protection decisions amid various risks.
Photograph: An Amazon Web Services AI data center is pictured in New Carlisle, Indiana, on Friday, Oct. 3, 2025. (Noah Berger/Amazon Web Services via AP Images)
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The global surge in data center construction, fueled by the rapid advancements in generative artificial intelligence (AI) and machine learning, is presenting significant growth opportunities for major brokers like Aon and Marsh. As the demand for data centers escalates, these brokers are positioning themselves as trusted partners in this evolving ecosystem.
“Over the next five years, it’s estimated that between 2,000 to 3,000 data centers will be constructed worldwide, and we’re already well on the way to establishing our pre-eminence in this ecosystem as a trusted partner,” stated Martin South, president and CEO of Marsh Risk, during an analysts’ call to discuss Marsh’s fourth quarter and full-year results.
In 2025 alone, Marsh US captured the leading market share of the $205 billion in data center construction values. The company is also recognized as “the clear leader” in Asia, serving six of the largest foundry businesses, the four largest memory integrated device manufacturers, and the largest semiconductor tool manufacturer.
Read more: The $3 Trillion AI Data Center Build-Out Becomes All-Consuming For Debt Markets
“The data center opportunity is unique; it has never been seen before; it is monumental. It also requires a level of response and complexity that’s beyond what the traditional industry has ever accomplished,” remarked Aon CEO Greg Case during last week’s analysts’ call. He emphasized the need for innovative approaches to risk management and capital pooling, predicting that data center opportunities will bolster mid-single-digit or greater organic revenue growth.
John Doyle, president and CEO of Marsh, projected that investment in digital infrastructure is expected to reach approximately $3 trillion over the next five years. A recent report from Allianz Commercial cites Morgan Stanley statistics indicating that data center investments will hit $3 trillion by 2029, while McKinsey estimates capital outlays could approach $7 trillion by 2030.
“It’s been an area of focus for us for some time,” Doyle noted, highlighting Marsh’s launch of a Digital Infrastructure Practice to meet growing demand. This practice is led by Mike Mathews, who was appointed as the global digital infrastructure leader in December.
Investment in digital infrastructure is coming from various sectors of the economy, not just hyperscalers. Allianz defines “hyperscalers” as major technology companies driving this expansion. In 2024, hyperscalers globally spent around $210 billion on data center capital expenditures related to AI deployments.
Dean Klisura, president of Guy Carpenter, Marsh’s reinsurance business, described the digital infrastructure sector as presenting the most significant new business opportunity in 2026 for both cedents and reinsurers. He noted estimates of up to $10 billion in new premium entering the market due to these opportunities, emphasizing the need for increased capacity.
“No cedent is going to put up billions of dollars of capacity for a single location risk. That’s a real issue,” Klisura explained. “All of our clients want to write data centers across 10-plus products globally, but they require additional reinsurance protections.”
To address these challenges, Klisura stated that new capital, beyond traditional reinsurance, must enter the market. “The introduction of third-party capital and securitizing some of these risks via sidecars and other vehicles is going to be critical,” he added, highlighting the need for deep-pocketed investors given the scale of these risks.
Nick Studer, president and CEO of Marsh Management Consulting, pointed out that opportunities in data centers extend beyond new constructions, encompassing 90% of existing data centers that need to be AI-enabled. “We’re working with colleagues across our businesses to help manage that transformation, integrating strategy, risk, and execution planning,” he said.
Marsh Risk’s South acknowledged that insurance capacity is vital for supporting data center growth, which is why Marsh’s large-scale data center construction insurance facility, “Nimbus,” doubled its capacity to $2.7 billion for major data center construction projects across various regions.
Aon has also detailed its opportunities arising from the data center construction boom. CEO Case noted that Aon currently manages one-third or more of existing data centers, positioning the firm exceptionally well in this burgeoning market.
KBW equities analyst Meyer Shields summarized Aon’s insights on data center opportunities as a “once-in-a-generation global build cycle requiring new risk structures, alternative capital, and analytics.” He emphasized that only a few global brokers, including Aon, can credibly address data center insurance needs, which is expected to sustain above-average organic revenue growth in 2026 and beyond.
In July 2025, Aon launched its Data Center Lifecycle Insurance Protection Program (DCLP), providing coverage from construction through operational readiness under a single integrated facility. The capacity was recently expanded to $2.5 billion.
Case highlighted several success stories, illustrating how Aon is driving results and momentum in 2026. When a large international construction client required dedicated brokerage support for a new data center project, Aon combined its advisory role with a united global team, integrating expertise from various specialties to deliver a comprehensive proposal.
In addition to DCLP coverage, Aon provided advanced climate analytics and proprietary risk analyzers, aligning with the client’s long-term growth strategy. “The client credited our team’s expertise and our global connectivity as central to the win,” Case noted.
Case also shared a recent achievement from Aon’s reinsurance team, which designed and placed the first-ever data-center-specific treaty, providing up to $5 billion of capital through the insurance value chain behind a leading insurer. He emphasized that Aon’s advisory capabilities around site selection, design, and engineering are critical for effective capital protection decisions amid various risks.
Photograph: An Amazon Web Services AI data center is pictured in New Carlisle, Indiana, on Friday, Oct. 3, 2025. (Noah Berger/Amazon Web Services via AP Images)
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