Average U.S. commercial property/casualty rates rose 5.9% in the second quarter.
Commercial property insurance buyers should prepare well in advance of renewals.
Buyers at June 1 and July 1 reinsurance renewals faced capacity constraints, particularly for Florida catastrophe exposure.
The overall property/casualty insurance industry’s combined ratio is heading for more than 100% for the first time since 2017.
Property reinsurance rates rose by as much as 50% in Florida at July 1 renewals and by up to 40% in the US overall.
For the first time since the devastating U.S. hurricanes of 2004 and 2005, property-catastrophe capacity contracted.
Homeowners market is “careening off a cliff”.
Since 1980, the U.S. has sustained 323 weather and climate disasters that have resulted in over $2.1 trillion in damages.
KRON4 spoke with fire expert Dr. Jon Keeley, about why we’re seeing so many fires and what we can do to protect ourselves.
