Aon has launched the Power Lifecycle Program, a London market-backed multiline facility offering up to US$2.5 billion in coverage across the full life of a conventional gas power project, from site preparation to ongoing operations.
The launch comes as demand from data centres reshapes investment in power generation. The International Energy Agency projects that data centre electricity consumption will reach approximately 950 terawatt-hours by 2030, and gas-fired generation is absorbing much of that demand because it can supply power on demand.
Power project cover has traditionally been placed in stages, with construction and operational policies arranged one after the other. The handover between phases can leave exposure windows that affect project financing, delay schedules and put revenue at risk.
The programme brings those exposures into a single framework. During construction, it provides up to US$2.5 billion in erection all risks and delay in start-up (DSU) cover. Once the plant is operational, cover moves to up to US$2.5 billion in property damage and business interruption. Third-party liability of up to US$100 million is available for non-US projects, alongside optional risk advisory assessments covering natural catastrophe, cyber, casualty and supply chain exposures.
A lead panel of London carriers backs the programme, with additional capacity from local and global markets. It is open to power infrastructure developers, private equity firms, contractors and asset owners, for both grid-connected standalone projects and dedicated plants supplying data centres.
The programme enters a well-supplied market. Gallagher's H1 2026 Energy Insurance Market Report found that rates across power and renewables trended downward in the first half of the year, with strong capacity and competition among carriers favouring buyers.
That makes the offer structural rather than a question of access. For brokers placing power risks, the value lies in replacing a series of separate placements with one coordinated structure, particularly on projects where lenders scrutinise the continuity of cover between construction and operations.
The Power Lifecycle Program sits alongside Aon's Data Center Lifecycle Insurance Program, which Aon expanded in July to US$5 billion of first-party capacity. That programme covers the data centre asset itself, including construction, cyber, cargo and operational exposures, while the new programme covers the power generation that keeps it running. Together, the two are designed to cover the full risk profile of digital infrastructure projects with dedicated on-site generation.
"As investment in energy infrastructure continues to grow, organisations require risk solutions that evolve alongside increasingly complex power assets," said Joe Peiser, chief executive of Risk Capital at Aon. He added that the lifecycle framework helps clients manage project, operational and infrastructure risk within one structure rather than a series of separate placements.
Aon is not alone in building end-to-end structures for the sector. W Denis Group launched a specialist data centre and power asset division in July 2025.
