Commercial property insurance buyers continue to experience a competitively priced market and benefit from moderate single-digit rate increases.
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As 2017 begins, the global environment for ‘change’ seems to be everywhere on a geo-political basis, the likes of which we have not witnessed in quite some time. With this uncertainty, hard assets tend to be viewed as a safe haven and certainly the real estate market has benefitted from the current environment.
Cyber espionage, Zika, hurricanes and catastrophic wild fires and flooding throughout the world have made insurers and reinsurers more tentative, resulting in a slowdown of the double-digit price cutting trend that insurance buyers have enjoyed for the past eight quarters. At the mid-year point, property rates for most asset classes with decent loss histories were still falling but recent reinsurance renewals and new directives to “not chase down rates” from some of the biggest names in underwriting point to a leveling out in premiums.
The first six months of 2015 have proven that even with the M&A game heating up and offshore investments in insurance, there is abundant capacity for all asset classes and all geographic exposures. The fact that the National Weather Service is also predicting an El Niño event translates into lower hurricane expectancy. On the “fracking front”, the earthquake swarms never previously experienced have yet to make it to the “Boogey Man” list for insurers. Where there are new important changes is in the trend toward Midwest/Texas hail deductibles particularly for industrial flex.
Download the Arthur J. Gallagher & Co. Infographic for a clear, concise overview of Gallagher’s capabilities and strengths in the marketplace, from the perspectives of both Benefits & HR Consulting and Commercial Insurance & Risk Management.
Complex real estate transactions gone awry can produce lengthy litigation. Even low value situations can become protracted litigation with significant money spent on what seems like endless defense. Real estate errors and omissions (E & O) liability insurance can help protect the balance sheet of your real estate business on these types of costs. Unfortunately, there are many pitfalls frequently created by insurance brokers who do not specialize in risk transfer products specifically for real estate firms. So what do you need to know?
The Gallagher Real Estate & Hospitality Market Update - Winter 2015 provides a recap of the industries' insurance and risk issues in 2014 as well as a 2015 market forecast. The report notes that 2014 was one of the most benign loss seasons in history. Insured losses were down 38% over the last year.
Gallagher’s compensation expert, Shari Dunn, explains two core strategies in managing an organization’s human capital base: pay both competitively and cost-effectively by selecting and properly using labor market data.
This is a study of the 2014 annual proxy statement disclosures for 200 of the top U.S. companies (based on revenue and market capitalization). The study is focused on trends in short- and long-term incentive design.
We are halfway through the 2014 hurricane season, have had eleven “named storms”, and the biggest threat thus far was focused on the Hawaiian Islands. If we keep up this pattern through November 1st, the catastrophe market will continue to soften for the balance of the year. Reinsurance rates continue to plunge, and this can only translate into better pricing and more capacity for the real estate and hospitality industry. Our report provides an overview of related topics including professional liability, cyber risk, TRIPRA, London real estate markets, workers compensation and more.