Data Center Expansion Creates Natural Growth Prospects 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 opening up significant growth opportunities for major brokers like Aon and Marsh.
“Over the next five years, it’s estimated that between 2,000 to 3,000 data centers will be constructed worldwide. We’re already 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. South emphasized that the company is “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.
“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,” said Aon CEO Greg Case.
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’s prediction that data center investments will hit $3 trillion by 2029, while McKinsey estimates capital outlays could approach $7 trillion by 2030.
“This has been a focus area for us for some time,” Doyle noted, highlighting Marsh’s launch of a Digital Infrastructure Practice to meet growing demand, led by Mike Mathews, who was appointed 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,” Allianz reported.
Dean Klisura, president of Guy Carpenter, Marsh’s reinsurance business, described the digital infrastructure sector as presenting the most significant new business opportunity for both cedents and reinsurers in 2026. He noted, “Estimates suggest up to $10 billion of new premium entering the market in 2026 due to these opportunities.”
However, Klisura emphasized that the market requires more capacity, stating, “No cedent is going to put up billions of dollars of capacity for a single location risk.” He added that clients want to write data centers across multiple products globally but need additional reinsurance protections.
“We’re currently addressing concerns about accumulations in portfolios,” Klisura said, stressing the need for new capital to enter the market. “The introduction of third-party capital and securitizing some of these risks via sidecars and other vehicles is critical,” he explained, noting that such capital must come from “deep-pocketed investors given the size of these risks.”
Nick Studer, president and CEO of Marsh Management Consulting, pointed out that opportunities extend beyond new facilities, encompassing 90% of existing data centers that need to become AI-enabled. “We’re collaborating across our businesses to 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. This 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 also highlighted the opportunities arising from the data center construction boom. “This requires real, net new innovation around alternative forms of capital, how we think about risk, and how we pool risk,” said Aon CEO Greg Case during an analysts’ call to discuss the broker’s Q4/FY2025 results.
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 noted that only a few global brokers, including Aon, can credibly address data center insurance needs.
Case mentioned that Aon currently manages one-third or more of existing data centers, positioning the firm favorably in the evolving landscape. In July 2025, Aon launched its Data Center Lifecycle Insurance Protection Program (DCLP), which provides coverage from construction through operational readiness under a single integrated facility.
Case highlighted several success stories, illustrating how Aon is driving results and momentum in 2026. For instance, when a large international construction client needed dedicated support for a new data center project, Aon combined its advisory role with a united global team, integrating expertise across various domains.
“The client credited our team’s expertise and global capabilities as central to the win, reinforcing our strength in leveraging trusted relationships and leading analytics to create high-quality growth opportunities,” Case concluded.
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 opening up significant growth opportunities for major brokers like Aon and Marsh.
“Over the next five years, it’s estimated that between 2,000 to 3,000 data centers will be constructed worldwide. We’re already 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. South emphasized that the company is “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.
“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,” said Aon CEO Greg Case.
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’s prediction that data center investments will hit $3 trillion by 2029, while McKinsey estimates capital outlays could approach $7 trillion by 2030.
“This has been a focus area for us for some time,” Doyle noted, highlighting Marsh’s launch of a Digital Infrastructure Practice to meet growing demand, led by Mike Mathews, who was appointed 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,” Allianz reported.
Dean Klisura, president of Guy Carpenter, Marsh’s reinsurance business, described the digital infrastructure sector as presenting the most significant new business opportunity for both cedents and reinsurers in 2026. He noted, “Estimates suggest up to $10 billion of new premium entering the market in 2026 due to these opportunities.”
However, Klisura emphasized that the market requires more capacity, stating, “No cedent is going to put up billions of dollars of capacity for a single location risk.” He added that clients want to write data centers across multiple products globally but need additional reinsurance protections.
“We’re currently addressing concerns about accumulations in portfolios,” Klisura said, stressing the need for new capital to enter the market. “The introduction of third-party capital and securitizing some of these risks via sidecars and other vehicles is critical,” he explained, noting that such capital must come from “deep-pocketed investors given the size of these risks.”
Nick Studer, president and CEO of Marsh Management Consulting, pointed out that opportunities extend beyond new facilities, encompassing 90% of existing data centers that need to become AI-enabled. “We’re collaborating across our businesses to 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. This 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 also highlighted the opportunities arising from the data center construction boom. “This requires real, net new innovation around alternative forms of capital, how we think about risk, and how we pool risk,” said Aon CEO Greg Case during an analysts’ call to discuss the broker’s Q4/FY2025 results.
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 noted that only a few global brokers, including Aon, can credibly address data center insurance needs.
Case mentioned that Aon currently manages one-third or more of existing data centers, positioning the firm favorably in the evolving landscape. In July 2025, Aon launched its Data Center Lifecycle Insurance Protection Program (DCLP), which provides coverage from construction through operational readiness under a single integrated facility.
Case highlighted several success stories, illustrating how Aon is driving results and momentum in 2026. For instance, when a large international construction client needed dedicated support for a new data center project, Aon combined its advisory role with a united global team, integrating expertise across various domains.
“The client credited our team’s expertise and global capabilities as central to the win, reinforcing our strength in leveraging trusted relationships and leading analytics to create high-quality growth opportunities,” Case concluded.
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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