As artificial intelligence drives an unprecedented wave of data center construction worldwide, the insurance industry finds itself confronting a new category of concentrated, interconnected risk that did not meaningfully exist a generation ago. Swiss Re Institute has placed a $200 billion figure on the commercial insurance opportunity this sector represents — a number that speaks less to certainty than to the scale of capital and consequence now gathered in server halls and cooling corridors. Insurers are doing the foundational work of mapping, modeling, and imagining new instruments, knowing