London apartment-tower fire spurs questions over sheltering in place | CRE transactions fell below $100B in Q1 | Commercial, multifamily debt reached $3.01T in Q1
June 22, 2017
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Risk Management, Insurance & Claims
London apartment-tower fire spurs questions over sheltering in place
BRITAIN-FIRE
The Grenfell Tower in London on Saturday (Tolga Akmen/AFP/Getty Images)
Fire experts and officials are saying in the aftermath of the recent deadly apartment-tower fire in London that people still should shelter in place and await instructions when a fire occurs elsewhere in a building. The building in London, however, might have lacked other fire-safety measures that made the advice to "stay put" viable, experts say.
The Associated Press (6/17) 
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CRE transactions fell below $100B in Q1
Commercial real estate investment activity dropped to $90.9 billion in the first three months of 2017, marking the first time a quarterly total has been below $100 billion since early 2014, according to Ten-X. Yet fundamentals are strong, and Ten-X says the reason for the drop was uncertainty in political, monetary and technological areas.
GlobeSt (6/20) 
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Commercial, multifamily debt reached $3.01T in Q1
Total commercial/multifamily outstanding debt passed a $3 trillion milestone at the end of the first quarter, reaching $3.01 trillion, according to the Mortgage Bankers Association. Almost two-thirds of the growth came from multifamily mortgage debt, says Jamie Woodwell, MBA's vice president of commercial real estate research.
GlobeSt (6/19) 
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Laws & Regulations
Two flood insurance bills advance in House
The House Financial Services Committee advanced a bill last week with a provision to foster more private-insurer involvement in the National Flood Insurance Program, although insurance groups have raised concerns over the measure's potential effects on the Write-Your-Own Program. The committee also voted in favor of a bill that would put a $10,000 limit on risk premium for a single-family home.
Morning Consult (6/15),  Insurance Journal (6/15) 
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OSHA considers delay of crane operator certification mandate
OSHA considers delay of crane operator certification mandate
(Pablo Blazquez Dominguez/Getty Images)
The Occupational Safety and Health Administration is considering a one-year delay in enforcement of the crane operator certification mandate. While many in the industry support certification, there is debate over whether additional certification load capacity should be part of it.
Bloomberg BNA (free content) (6/16) 
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Trump touts apprenticeships to alleviate construction worker shortage
Trump touts apprenticeships to alleviate construction worker shortage
(Pool/Getty Images)
The US has 203,000 unfilled construction jobs, and a lack of skilled workers could impede President Donald Trump's $1 trillion infrastructure investment plan. So, he's pushing to increase apprenticeship and other training programs.
The Hill (6/13),  The Hill (6/13) 
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News from Aon
Aon Financial Services Group: 2016 D&O year in review
Aon Financial Services Group is pleased to present the thirteenth annual Year in Review. In 2016, FSG tracked executive liability exposures and trends, including the increase in securities lawsuit filings, changes in merger objection litigation, SEC enforcement actions and the whistleblower program, as well as continued developments in cyber-related matters. Download full report.
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"After the Storm: The Rising Risk of Floods"
Natural disasters and extreme weather events are on the rise. The impact of droughts, extreme temperatures, hurricanes and wildfires have all increased over the last 60 years. But floods have taken the biggest toll on the world in recent times. According to the UN Office for Disaster Risk Reduction (UNISDR), flooding accounted for 43 percent of all natural disasters between 1995 and 2015. In this period, there were over 3,000 flood disasters, affecting around 2.3 billion people. In 2016 alone, flood peril caused $62 billion worth of damage worldwide. This leads to long-term disruptions not only to a community's transportation network but also its supplies of clean water, food, electricity, and communications. 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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