Global reinsurer SCOR has joined a consortium of more than 10 leading re/insurers to back a recently launched insurance facility designed to support artificial intelligence (AI) and data centre infrastructure.
Introduced by Advanced Technology Assurance (ATA), and valued at up to $750 million, this facility is described as the first of its kind to integrate multiple traditional and new lines of insurance under a single multi-line policy.
The AI infrastructure market is expanding extremely rapidly, with McKinsey & Company predicting investment of more than $7 trillion in the sector by 2030.
This new re/insurance facility offers a consolidated solution for the AI and data centre infrastructure sector.
By adopting an aggregated approach, it aims to prevent the coverage fragmentation often seen when multiple policies are used for the complex, large-scale projects driving the AI boom, instead providing comprehensive and seamless protection.
The ATA Global Data Centre & AI Infrastructure Insurance facility is backed by a consortium of over 10 leading re/insurers and Lloyd’s of London syndicates, including Arch Insurance International, Munich Re Specialty, and SCOR.
The combined capacity allows ATA to provide a single policy designed to manage the risks associated with large-scale and complex AI projects.
SCOR’s position as lead insurer on the facility’s environmental impairment liability (EIL) section highlights its commitment to the technological transition to AI and environmental risk management, the reinsurer noted.
Beyond this lead role, SCOR will also provide follow lines on Cyber and Tech, Marine Cargo, and War and Terrorism.
Emma Bartolo, Global EIL Segment Leader at SCOR Business Solutions, commented: “We are delighted to be part of this groundbreaking facility, which takes a holistic approach to covering the AI infrastructure market, and to use our EIL expertise to drive and protect responsible innovation.”
