Real Estate
August 29, 2023
7 Factors Driving Commercial Property Insurance Costs
Several cost-driving trends have contributed to the hard commercial property insurance market. This environment has led to continuous rate increases and other challenging conditions. In these circumstances, it’s crucial for businesses to understand why premiums have been rising. This article discusses seven factors currently impacting commercial property insurance costs. Catastrophic losses—Hurricanes, tornadoes, wildfires, winter storms...
July 27, 2023
Water Damage Is a Leading Cause of Commercial Real Estate Claims. How Sensor Technologies Help Mitigate These Claims
Commercial real estate insureds know how painful water damage claims can be. These losses can happen suddenly from a pipe burst after freezing temperatures or they can happen gradually over time from improper installation or deterioration from aging infrastructure. Water damage is one of the most common causes of property loss and is it one of the...
July 7, 2023
2023 Commercial Property Insurance Midyear Market Outlook
The last several years have seen the commercial property insurance market progressively harden, evidenced by ongoing rate increases over the past 22 consecutive quarters. Such rate hikes showed some signs of stagnation throughout 2022 by largely remaining within single digits, according to insurance experts. However, this moderation didn’t last in 2023, as rates surged by...
June 22, 2023
Those New Office Building Amenities Come With Legal Risks
For the past 12 to 18 months, office building owners have been energetically implementing new tactics to attract tenants back to their buildings as the pandemic becomes less impactful. One growing trend among owners is hiring outside vendors to provide added-value building amenities for tenants, such as conference room services, fitness centers with nutritionists, and...
June 7, 2023
Hard Market Conditions Intensify in Commercial Property
Hard market conditions of rate hikes coupled with tightening terms have intensified for June 1 renewals in commercial property, as carriers prevail in a “seller’s market” where new capacity remains scarce, sources told this publication. Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in...
April 25, 2023
Will Luxe Amenities Get Workers Back to the Office? Owners Say, ‘Yes’
The house party is ending for many office-bound workers — and, as a result, the office experience is getting a lot more fun. The push to get workers back to their desks resulted in a so-called “flight to quality” — tenants demanding highly amenitized, Class A office spaces. In response, landlords upped the ante like...
March 28, 2023
CEOs Want Employees Back In Office—But Can We Prove Buildings Are Safe?
With COVID-19 vaccination efforts fully ramped up, U.S. employers are accelerating their plans to bring employees back to the office. Recently, PwC’s US Remote Work Survey found 75% of executives anticipate at least half their employees will be back in the office this month. While remote work has proven to be successful by many measures, few leaders...
March 21, 2023
Insuring the Climate Transition: How Can the Construction Industry Confront Escalating Storm Damage?
Like every industry, construction isn’t immune to the effects of global climate change. Adverse weather affects 45% of construction projects globally, a 2021 report from the Air Force Institute of Technology found, and results in billions of dollars of additional expenses and lost revenue. Project delays, damaged materials and supply chain shortages are just some of...
March 9, 2023
A ‘Seismic Shift’ is Coming to Commercial Real Estate, CEO of a Flexible Workspace Giant Says
Employees around the world were forced to adopt fully remote work for the first time when COVID-19 struck. But as the pandemic stretches into its third year, vaccines become more widespread, and hospitalization rates drop, companies have been trying to lure employees back to working in the office full-time once more. JPMorgan Chase’s Jamie Dimon...
February 24, 2023
Commercial P&C Prices Rose 8% in the Fourth Quarter of 2022
Commercial property and casualty prices continued to rise in the fourth quarter of 2022 with an average increase of 8% across all accounts sizes, down slightly from 8.1% in the third quarter, according to the latest survey data from the Council of Insurance Agents & Brokers (CIAB). Large businesses saw higher price increases on average...