Severe weather in February has led to more than $1 billion of insured losses worldwide, says Aon Benfield's Impact Forecasting unit. Thunderstorms and hail are among the biggest causes of last month's damage, Impact Forecasting says.
Apartment developers are having trouble finding enough construction workers to build their projects. Reasons for the shortage include a boom in apartment building and workers who moved on to other jobs during the economic downturn.
STR Global suggests that new construction will increase hotel capacity, but ultimately damage the market. Researchers expect people to spend a record 1.2 billion room nights in US hotels in 2017, while new construction will bring the national available room nights to 1.8 billion.
If President Donald Trump's $1 billion infrastructure investment plan and $54 billion defense spending increase work out as envisioned, it could extend the real estate cycle considerably, say commercial real estate executives who met with him recently. Washington-area tenants are hopeful as well, says Brandywine Realty Trust CEO Jerry Sweeney, who says that "there is the expectation of government letting more contracts, which I think has created a positive dynamic."
A government official in Oregon wants the state to construct two buildings that could survive a 9.0 magnitude earthquake so the government could continue to operate after such a disaster. The buildings would be solar powered, rest on base isolator pads, and have their own water and sewage systems.
A reintroduced House bill supporting private flood insurance is designed to enhance states' flexibility in licensing and regulation of private coverage. A bipartisan group of lawmakers has revived the measure, the previous version of which passed the house 419-0 last year.
Globally, health care costs are rising for individuals and employers. Because of a combination of aging populations, declining health, poor lifestyle choices, cost-shifting from social programs and increased utilization of employer-sponsored health insurance plans, health care costs are rising worldwide at a rate far higher than the average rate of inflation. View the infographic.
Impact Forecasting, Aon Benfield's catastrophe-model development team, recently launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural-disaster events that occurred worldwide during February. According the report, insurers could face a toll of more than $1 billion from severe weather events in Australia and the US. Read more.
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