Global investment in artificial intelligence (AI) infrastructure is significantly reshaping the commercial insurance landscape as the rapid expansion of large-scale data centres, energy systems, and semiconductor manufacturing creates new and more complex risks, according to Swiss Re.

In its Sigma 2026 report, Swiss Re estimates that AI hyperscaler capital expenditure will reach USD 750 billion in 2026. The report also notes that AI-related investment accounted for nearly 40 percent of U.S. GDP growth during the first three quarters of 2025.

The reinsurer said the surge in AI infrastructure investment is driving strong demand for commercial insurance, particularly during the construction and operational phases of data centres. These projects involve complex physical risks, heavy reliance on subcontractors, and potential delays that require comprehensive insurance coverage.

According to the report, constructing a modern AI data centre can cost more than USD 20 billion before computing equipment is even installed. Lenders are increasingly requiring substantial insurance protection before financing these large-scale infrastructure projects.

Swiss Re also highlighted that modern AI data centres are significantly larger and more technically complex than conventional facilities. Designed as highly interconnected campuses, these centres concentrate substantial operational and financial risks within a single location, making risk assessment and insurance solutions increasingly important.