Commercial property rates increased 2.8% in Nov., report says | L.A. identifies 1,200 concrete structures that need seismic retrofits | Atlantic hurricane season concludes, may be costliest in US history
Commercial property insurance rates at renewal in November were up 2.8% on average, while commercial auto renewal premiums rose 3.2%, insurance exchange IVANS said. The only commercial line with lower renewal rates last month was workers' compensation, which experienced a 1.8% decrease.
Los Angeles passed an ordinance two years ago that required seismic retrofitting of older buildings, and the city so far has identified about 1,200 buildings with nonductile concrete sections. The city will notify building owners that they have 25 years to either install the retrofits or demolish the building, and some suggest using the American Society of Civil Engineers' "ASCE 41" seismic retrofit standard instead of the city's.
Enki Operations estimates that this year's Atlantic hurricane season has caused economic losses exceeding $206 billion. "If 2017 taught us anything, it's that the question is never if the United States will endure a significant hurricane event; it's when and where the landfall will occur and how we will be prepared," meteorologist Steve Bowen of Aon Benfield said.
Investors continue to view the multifamily sector favorably, a trend that will likely continue for another year, according to a National Real Estate Investor survey. Using a favorability scale of 1 to 10, respondents scored multifamily at 7.9, industrial at 7.5, hotels at 5.9, offices at 5.9 and retail at 4.5.
A New York City Council rezoning ruling on height restrictions put an immediate halt to concrete in the midst of being placed at Sutton 58 condominium tower. Although a building permit had been granted and 95% of the foundation has been placed, the planned tower's 67 stories could be reduced by half by the Council's new restriction.
The Federal Emergency Management Agency could collect the full $1.024 billion value from the 25 reinsurers backing the National Flood Insurance Program this year. "The private reinsurance markets will help Hurricane Harvey survivors by sharing a portion of the costs of flood insurance claims," FEMA's Roy Wright said.
From costly construction delays to slumping sales - almost all businesses are impacted by weather in some way. By studying both historic patterns and predictive analytics, companies can better understand the impact of weather on their bottom line. This way, there'll be fewer missed deadlines and ill-timed product launches. How are data and analytics transforming how businesses respond to weather? Read more.
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