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
December 7, 2017
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Risk Management, Insurance & Claims
Commercial property rates increased 2.8% in Nov., report says
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.
Business Insurance (tiered subscription model) (12/5) 
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L.A. identifies 1,200 concrete structures that need seismic retrofits
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.
Engineering News-Record (11/22) 
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Atlantic hurricane season concludes, may be costliest in US history
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.
USA Today (11/29) 
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Multifamily rated the most attractive asset class
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.
National Real Estate Investor online (11/29) 
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Laws & Regulations
NYC condo construction halted by new height restriction
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.
Bloomberg (free registration) (12/1) 
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FEMA looks to recover $1B from NFIP reinsurance program
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.
Artemis (12/6) 
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News from Aon
Climate for Change: How data can manage weather risk
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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12th Annual Global Insurance Market Opportunities Report
Innovation -- the answer to or the cause of risk? As industries evolve and business models shift, new opportunities arise and new risks are created. Questions arise, such as what opportunities does technology bring the insurance industry? And how can the C-suite be active participants in innovation? Aon's 12th Annual Global Insurance Market Opportunities report answers these questions and many more. Learn how technology opens up new markets -- and new risks. Download the report.
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Aon’s Real Estate Practice has unmatched expertise in designing and placing competitively priced insurance solutions and our capabilities include a comprehensive range of solutions, including property, casualty, financial services, environmental, construction and additional areas of real estate related risk management. Our fact-based approach combined with market knowledge has helped us become the leading insurance broker. Aon represents more than 30 percent of the largest real estate owners, managers and developers and places more than $1 billion of real estate premiums annually.
 
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