竞相建设人工智能基础设施正在产生巨大的新风险，可能威胁到为人工智能繁荣提供动力的数据中心的融资，Aon首席执行官Greg Case表示。
The race to build artificial intelligence infrastructure is creating enormous new risks that could threaten financing for the data centers powering the artificial intelligence boom, according to Aon CEO Greg Case.
Case周三在接受CNBC采访时警告称，将数十亿美元的设备和算力集中在少数地点，可能会使一些项目难以投保，并对寻求融资的开发商产生影响。
In an interview with CNBC Wednesday, Case warned that clustering billions of dollars of equipment and computing capacity in a small number of locations could make some projects difficult to insure, with consequences for developers seeking financing.
“如果你创建它们并将它们叠加在一起，你就以一种方式制造了集中风险，使得获取保险变得更加困难，”Case说。
"If you create them and you build them on top of each other, you've created concentration risk in a way in which it makes it more difficult to get insurance," Case said.
“如果获取保险变得更加困难，这意味着融资结构将彻底改变。你将无法进入债券市场，”他说。Case表示，运营中断带来的潜在财务风险令人震惊。
"If it's more difficult to get insurance, that means the financing structure is going to change completely. You can't access the debt markets," he said. The potential financial exposure from operational disruptions is staggering, Case said.
他告诉CNBC：“数据中心将真正以每分钟数百万美元来衡量业务中断损失。”
"Data centers are literally going to measure business interruption at millions of dollars per minute," he told CNBC.
这些警告发布之际，科技公司正在加速在数据中心、发电及支持AI所需的其他基础设施上的支出。这些投资为保险公司、经纪人和商业风险顾问创造了机遇。同时也引发了关于传统保险公司是否有足够能力承担这些风险的疑问。
The warnings come as technology companies accelerate spending on data centers, electricity generation and other infrastructure needed to support AI. Those investments are creating opportunities for insurers, brokers and business risk consultants. They're also raising questions about whether traditional insurers have sufficient capacity to absorb the risks.
在其第三季度财报中，Aon报告了创纪录的数据中心项目储备，帮助推动其商业风险业务在该季度实现了7%的有机收入增长。调整后每股收益增长10%至3.36美元，而调整后营业利润率扩大70个基点至27%。一个基点等于0.01%，即百分之一的百分之一。
In its third-quarter earnings, Aon reported a record pipeline of data center projects, helping drive 7% organic revenue growth in its commercial risk business during the quarter. Adjusted earnings per share increased 10% to $3.36, while adjusted operating margin expanded 70 basis points to 27%. One basis point equals 0.01%, or 1/100th of 1%.
该公司已开发专门的保险工具，即用于覆盖特定行业或风险的容量池，以应对不断增长的需求，其中包括一个100亿美元的数据中心工具和一个25亿美元的能源工具。
The company has developed specialized insurance facilities, or pools of capacity to cover specific industries or risks, to address growing demand, including a $10 billion data center facility and a $2.5 billion energy facility.
风险管理工作要在保单撰写前很久就开始，Case 表示。Aon 称正与开发商合作，设计和选址设施，降低业务中断的可能性，并构建能够支持融资的保险覆盖范围。“这些是关于理解风险的工程对话，”Case 说。
Managing the risks begins well before a policy is written, according to Case. Aon said it is working with developers to design and locate facilities, reduce the potential for business interruption and structure insurance coverage that can support financing. "These are engineering conversations around understanding risk," Case said.
在风险更高的世界里押注 170 亿美元 对复杂风险管理的需求激增也是 Aon 拟以 170 亿美元收购 USI Insurance Services 的核心所在，该交易预计将在第四季度完成。
A $17 billion bet on a riskier world The surge in demand for sophisticated risk management is also central to Aon's pending $17 billion acquisition of USI Insurance Services, which is expected to close in the fourth quarter.
此次交易将把 USI 与 Aon 现有的业务以及 Aon 于 2024 年收购的 NFP 相结合，打造一个约 65 亿美元的中型市场平台。
The deal will combine USI with Aon's existing operations and NFP, which Aon acquired in 2024, creating a roughly $6.5 billion middle-market platform.
Case 表示，小型公司面临许多与跨国公司相同的日益复杂的风险，但往往缺乏获取同等分析、专业知识和保险解决方案的渠道。
Case said smaller companies face many of the same increasingly complex risks as multinational corporations, but often lack access to comparable analytics, expertise and insurance solutions.
“我们的中型市场客户面临完全相同的挑战，每天面对完全相同的风险，他们理应拥有世界上最大公司所拥有的内容、洞察和能力，”Case 说。
"Our middle market clients have exactly the same challenges, exactly the same risks they face every day, and they deserve to have the content, the insight, the capability that the largest companies in the world have," Case said.
大多数业内人士和专家预计，AI 将使保险经纪和咨询更加高效。当被问及为何 Aon 要投入数十亿美元进行收购，而不是仅专注于扩展技术能力时，Case 表示两者并不互斥。
Most industry insiders and experts anticipate AI will make insurance brokerage and consulting more efficient. Asked why Aon is investing billions in acquisitions rather than exclusively expanding its technology capabilities, Case said the two are not mutually exclusive.
“这关乎人才和技术，”他说。“把这两者都做对。这才是建立对客户至关重要的关系的方式。” Aon 预计，USI 的整合将带来每年 3.95 亿美元的收益贡献，其中包括 2.8 亿美元的成本节约和 1.15 亿美元的收入协同效应。此次收购将通过债务融资，公司预计未来两年将优先降低杠杆率。
"This is about talent and technology," he said. "You get those both right. That's how you build the relationships that matter for clients." Aon expects $395 million in annual earnings benefits from the USI combination, including $280 million in cost savings and $115 million in revenue synergies. The acquisition will be financed with debt, and the company expects to prioritize reducing leverage over the next two years.
AI 网络保险风险 AI 为保险公司更好地了解漏洞创造了机遇，与此同时，该技术引入的新威胁可能导致大规模财务损失。
AI cyber insurance risks AI is creating opportunities for insurers to better understand vulnerabilities, even as the technology introduces new threats that could generate widespread financial losses.
研究人员于 10 月 21 日披露了 PHP 编程语言中的两个关键漏洞，该语言被约 70% 的网站使用。这些缺陷可能允许黑客在无需身份验证的情况下，在易受攻击的服务器上远程执行恶意代码。网络安全公司 Calif 和 Google 旗下的 Wiz，以及 OpenAI，在发现和分析这些漏洞的过程中，AI 发挥了重要作用。
Researchers disclosed two critical vulnerabilities in PHP, a programming language used by roughly 70% of websites, on Oct. 21. The flaws could allow hackers to remotely execute malicious code on vulnerable servers without authentication. AI played a significant role in discovering and analyzing the vulnerabilities through cybersecurity firms Calif and Google's Wiz, along with OpenAI.
当被问及网络风险是否升级得比保险公司应对得更快时，Case 表示，该行业需要超越其传统的资本基础，以满足不断增长的需求。“我们必须跟上步伐。我们必须持续进化，”他说。
Asked whether cyber risks are escalating faster than insurers can respond, Case said the industry needs to expand beyond its traditional capital base to meet growing demand. "We have to keep up. We have to continue to evolve," he said.
Case 估计，全球保险业目前拥有约 4.5 万亿美元的资本。他认为，这一数额必须翻倍或翻三倍，才能满足网络、AI、数据中心及其他新兴风险领域日益增长的需求。
Case estimates the global insurance industry currently has about $4.5 trillion in capital. He believes that amount must double or triple to meet the growing needs across cyber, AI, data centers and other emerging risks.
“可以称之为 5 万亿到 10 万亿再到 15 万亿美元，”Case 说，勾勒出他扩大行业承保能力的愿景，并澄清了他在公司第二季度财报电话会上发表的言论。
"Call it 5 trillion to 10 to 15 trillion," Case said, outlining his vision for expanding the industry's capacity and clarifying remarks he made in the company's second-quarter earnings call.
他的战略是引入机构投资者、养老基金、主权财富基金和高净值个人，帮助为传统上由保险公司和再保险公司承担的风险提供资金。Case 估计，这些来源代表了约 250 万亿美元的潜在资本池 —— 其中的一小部分就能大幅扩大市场规模。
His strategy involves tapping institutional investors, pension funds, sovereign wealth funds and wealthy individuals to help finance risks traditionally carried by insurance companies and reinsurers. Case estimates those sources represent a potential pool of approximately $250 trillion in capital — a fraction of which could substantially expand the market.
Aon 正日益将自己定位为不仅是连接企业与现有保险公司的经纪人，更是帮助创建新资本池以吸收复杂风险的中介机构。
Aon is increasingly positioning itself not simply as a broker connecting companies with existing insurers, but as an intermediary helping create new pools of capital to absorb complex risks.
“不仅是为客户做市场接受者或市场优化者，而是做市场创造者，创造新市场来推动并应对风险，”Case 说。
"Not just being a market taker or market optimizer for our clients, but a market maker creating new markets to sort of drive and address risk," Case said.
这为寻求从保险相关投资中获取回报的另类资产管理公司和私人投资者创造了机会，尽管投资者必须能够评估出现大规模且相互关联损失的可能性。
That creates opportunities for alternative asset managers and private investors seeking returns from insurance-linked investments, although investors must be able to evaluate the potential for large and correlated losses.
凯斯表示，关键要素在于能否足够准确地量化风险敞口，从而让投资者有信心投入资本。
Case said the critical ingredient is the ability to quantify exposures accurately enough to give investors confidence to commit their capital.
商业保险费价格尽管企业风险正变得日益复杂，但部分商业保险费价格正在下降，企业在经历了多年保费上涨之后开始看到一些缓解。但凯斯警告说，这并不是一个保险费率持续走低的时期。
Commercial insurance prices While corporate risk is becoming more complex, some commercial insurance prices are declining and companies are beginning to see some relief after years of rising premiums. But, Case cautioned, this is not a prolonged period of lower insurance rates.
“有些人把这与‘这是一个永久性的软市场’混为一谈。完全不是这样，”他说。
"Some are confusing that with it's a permanent soft market. Not the case at all," he said.
他说，一些企业客户正利用保险费价格下降的机会购买更多保障，而不是仅仅削减支出。
He said some corporate clients are using lower insurance prices as an opportunity to buy more protection rather than simply reduce spending.
“我们有些客户，当他们真正了解自己的风险敞口后，即使单价可能一直在下降，他们也会彻底重构自己的保险方案并购买更多，因为他们需要更多保障，”凯斯说。
"We have clients who literally, when they understand their exposure, even though the unit price might have been coming down, they completely restructure their program and buy more because they need more coverage," Case said.
这一态势帮助怡安在商业保险和再保险市场价格走软的背景下仍保持了增长。
The dynamic is helping Aon maintain growth despite softer pricing in commercial insurance and reinsurance markets.