Aon Benfield: Feb. storms caused more than $1B of insured losses | Tight construction labor market could pinch developers of multifamily projects | New construction risky for hotel market
March 16, 2017
Real Estate Advisor
Risk Management, Insurance & Claims
Aon Benfield: Feb. storms caused more than $1B of insured losses
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.
Artemis (3/8) 
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Tight construction labor market could pinch developers of multifamily projects
Tight construction labor market could pinch developers of multi-family projects
(Robert Sullivan/AFP/Getty Images)
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.
National Real Estate Investor online (3/13) 
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New construction risky for hotel market
New construction risky for hotel market
(Paula Bronstein/Getty Images)
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.
National Real Estate Investor online (3/12) 
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CRE industry hopes Trump can extend real estate cycle
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."
CoStar Group (3/8) 
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Laws & Regulations
Ore. looks at buildings that could survive 9.0 earthquake
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.
KUOW-FM (Seattle) (3/9) 
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Lawmakers revive bill aiming to bolster private flood insurance
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.
Business Insurance (tiered subscription model) (3/8),  PropertyCasualty360 (3/8) 
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News from Aon
Infographic: How to address the rising cost of health care
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.
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Aon report: Severe-weather season's early start takes toll on US economy in Feb.
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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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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