The Gallagher Property Group offers various resource references and materials to assist you with property issues.
Gallagher Property Market Update [ Market Report]
In spite of 2017 delivering record losses to the insurance industry, the anticipated rate increases did not materialize in 2018. The greatest increases were given to those catastrophe-exposed risks and large layered and shared programs that suffered severe hurricane losses and/or had a high degree of attritional losses. Those with favorable loss history or low exposure to catastrophic loss events saw modest rate increases in the mid-to high-single digits.
Property & Casualty Q2 Market Report [ Market Report]
The market is always fluctuating, and though we anticipated a tightening market in 2018 as a result of the catastrophic events that occurred at the end of 2017, that threat has largely dissipated. Instead, underwriters have taken a more targeted approach — looking at Clients’ overall risk profiles, including geography, industry, coverage line, loss history and risk management controls.
Market Conditions - Real Estate [ Market Report]
The environment for interest rates is all but confirmed for increases, and yet the cycle continues. Its durability doesn’t seem threatened by either a ready supply of equity or debt or even the possibility of oversupply. We have been noticing of late that ‘sectors’ are getting a deeper review by the insurance underwriters. Whereas in the past, the good results for insurance companies professional real estate risk was more uniform overall classes, we have seen that change more in the last 12 months. The ‘Amazon’ effect has put malls and strip shopping centers into a much greater focus and multifamily is also perceived to on its way to an oversupply issue. These two classes are seeing a higher level of scrutiny from the underwriting community.
Property Market Update: Spring 2017 [ Market Report]
Commercial property insurance buyers continue to experience a competitively priced market and benefit from moderate single-digit rate increases.
Property Market Update: Spring 2016 [ Market Report]
2015 marked another relatively benign year of loss activity, with the lowest annual insured losses since 2009 of approximately $35 billion.
Property Market Update: Second Quarter 2015 [ Market Report]
August 29, 2015 marked the ten year anniversary of Hurricane Katrina. Katrina remains the largest ever windstorm loss and the costliest disaster in the history of the global insurance industry, causing between $45 and $60 billion in insured losses. Katrina changed how the insurance industry views and manages risk. Initial loss estimates were difficult to predict because of the scarcity of quality information. Catastrophe (CAT) modeling has now become routine and quality data drives better modeling results and thus terms and conditions. This Gallagher Property Marketing Update: First Quarter 2015 reviews how is all of this affecting the property market.
Property Market Update: First Quarter 2015 [ Market Report]
In 2014, the year began with the second costliest winter storm in over 20 years. The U.S. also experienced two additional loss events triggered by natural disasters including severe thunderstorms throughout the country and the Napa earthquake - which was the largest U.S. earthquake loss since 2001. Globally, natural disasters produced a combined total insured loss of $39 billion in 2014, which was 38% below the 10-year average and the lowest annual insured loss total since 2009. This Gallagher Property Marketing Update: First Quarter 2015 reviews how is all of this affecting the property market.
Real Estate and Hospitality Market Update: January 2015 [ Market Report]
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.
Real Estate & Hospitality Year-End Market Update 2013 [ Whitepaper]
Typhoons, European flooding and a host of other natural disasters plagued the world in 2013, but the U.S. was relatively unscathed. That makes 2013 one of the most benign catastrophe years in history. Despite the outcome, we're not out of the woods. This whitepaper offers some thoughts on looking ahead to potential issues and risks in 2014.
Battle of the Contracts ― Round Two: Construction Tech Briefing [ Whitepaper]
Within the international construction industry, the Joint Contracts Tribunal (JCT) and the New Engineering Contract (NEC) help provide consistent standardized documentation and structure within that industry. Continually evolving events and situations have prompted revisions to those structures.
Property Management Remodeling Saves $100,000 [ Case Study]
A property management company had building remodeling plans approved by its city administration. The project included awnings that needed to be attached to the building. The remodeling was completed but inadvertently without awnings―until the city inspector noticed and delivered a fine. The updates and fine was anticipated to cost the company over $100,000. What could be done?