Aon, a global professional services firm focused on risk, retirement and health solutions, has released its Global Construction Insurance and Guarantee Market Report 2026Provides an overview of how rapid investment in digital infrastructure and data centers is impacting the global construction insurance market, underwriting methods and risk transfer strategies.
Aon said global construction activity continues to grow steadily, from an estimated $16 trillion in 2025 to $17 trillion in 2026, and it predicts the industry could reach nearly $22 trillion by 2030.
The company attributes much of this expansion to increased spending on energy generation, infrastructure upgrades and hyperscale digital infrastructure projects.
The report also highlights the broader risk environment facing the industry, with Aon noting that global natural disaster losses are estimated to reach $260 billion by 2025.
The losses highlight the importance of resilient project design, robust project structures and detailed risk information as developers and contractors seek to manage budgets, schedules and loss risk, the company said.
Aon said that although the construction insurance market in many regions has become increasingly competitive, insurers continue to apply strict underwriting standards to large, technically demanding projects, especially those facing catastrophic risks.
The company said insurers are placing greater emphasis on project governance, risk data quality and lifecycle risks when assessing risk, particularly as data center developments become larger, more energy intensive and transition to operational use becomes more complex.
The report identifies a number of developments expected to shape the construction insurance market in 2026. Aon said insurers are providing greater underwriting capacity and more competitive pricing for well-managed risks in many regions, although prudent underwriting remains a priority for projects involving significant technology or disaster-related risks.
The company added that insurance companies are paying more attention to the quality of contractual arrangements, risk control and project information during the underwriting process.
Aon also noted that accelerated investment in digital infrastructure is creating demand for higher insurance limits, more advanced modeling capabilities and lifecycle-centric risk management strategies. In addition, the company said the global guarantee market remains stable, with strong capabilities held by companies with good credit profiles and the increasing use of guarantee solutions as an alternative to traditional bank guarantees.
The company further said that macroeconomic uncertainty, geopolitical tensions and cyber risks continue to impact construction project delivery, loss exposure and insurer preferences across the international construction portfolio.
“Digital infrastructure is fundamentally changing the nature of construction risk,” commented James MacNeal, global head of construction and infrastructure at Aon. “As projects become larger, more technical and more operationally critical, insurers are focusing on early engagement, high-quality data and project design that reflects how these assets are built and transitioned into operations.”
Aon said that in response to the growing scale and pace of global data center development, its data center life cycle insurance program has been expanded to US$3.5 billion. The company explains that the program is designed to support developers, owners and investors throughout the project lifecycle, from construction to long-term operations.
“Even as the construction insurance market becomes more competitive, capabilities to address complex risks are being deployed selectively,” added Joe Peiser, CEO of Aon Venture Capital. “A lifecycle-based approach, supported by Aon’s comprehensive risk capital capabilities, can help clients align insurance, reinsurance and capital to support hyperscale digital infrastructure from development to operations.”
Aon said its integrated risk capital platform brings together commercial risk, reinsurance and capital markets expertise to help clients navigate complex risks, improve risk transfer strategies and ensure the level of insurance capabilities required for long-term investments in digital infrastructure and other capital-intensive industries.
