Global reinsurer SCOR has joined a consortium of more than 10 leading reinsurers/insurers to support the recently launched insurance facility designed to support artificial intelligence (AI) and data center infrastructure.
The $750 million facility, launched by Advanced Technology Assurance (ATA), is described as the first of its kind to consolidate multiple traditional and new insurance lines under a single multi-line policy.
The market for artificial intelligence infrastructure is expanding rapidly, with McKinsey & Company predicting investment in the industry will exceed $7 trillion by 2030.
This new re/insurance facility provides unified solutions for the areas of artificial intelligence and data center infrastructure.
By taking an aggregated approach, we aim to prevent the fragmentation of coverage that often occurs when multiple policies are used on the complex, large-scale projects that are driving the boom in AI, and instead provide comprehensive, seamless protection.
ATA’s global data center and AI infrastructure insurance facility is backed by a consortium of more than 10 leading reinsurers and Lloyd’s of London, including Arch Insurance International, Munich Re Specialty and SCOR.
The combined capabilities enable ATA to offer a single policy designed to manage the risks associated with large-scale and complex AI projects.
The reinsurer noted that SCOR’s role as the lead insurer for the environmental damage liability (EIL) portion of the facility highlights its commitment to the transformation of artificial intelligence and environmental risk management technologies.
In addition to this leading role, SCOR will provide follow-up coverage on cyber and technology, maritime cargo, and war and terrorism.
Emma Bartolo, head of global EIL at SCOR Business Solutions, commented: “We are delighted to be part of this pioneering facility, which takes a holistic approach to covering the AI infrastructure market and uses our EIL expertise to drive and protect responsible innovation.”
