Pricing has become more stable for commercial property coverage and directors-and-officers liability insurance, partly because of increasing competition in those spaces, experts say. Aon's Rick Miller says buyers should be prepared for the increased number of questions insurers are asking about property valuations, and "we work with them to help them understand their values."
Current and former owners of the New York City apartment building where a fire left 17 people dead are facing a lawsuit filed by two residents of the property. The plaintiffs are seeking class status and as much as $2 billion in punitive damages and $1 billion in compensatory damages.
Reinsurance rate increases at Jan. 1 renewals were sharper than expected, and rates are likely to continue rising this year, experts say. "It would be fair to say that quite significant discipline was shown by the reinsurers at this renewal," Aon's Mike Van Slooten says.
The storm system that generated heavy snow along the East Coast early last week also generated tornadoes that are estimated to have caused damage worth $1.1 million in southwestern Florida. In addition, coastal flooding was reported in Connecticut and other parts of the Northeast.
The Biden administration has developed a $50 billion plan to control wildfires by thinning forested areas near housing communities, known as "hot spots," with significantly more controlled fires and logging. The administration is also allocating over $14 billion to more than 500 projects to bolster climate resilience and improve ports.
Heat energy in oceans last year reached the highest level since record keeping started about 60 years ago, according to a study published in Advances in Atmospheric Sciences. Ocean heat can fuel extreme weather.
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About Aon National Property
Aon’s National Property Practice is a collaborative team of 100 professional property brokers who combine their considerable
experience and expertise to place difficult and demanding risks. In addition to experience with every class of business and
every kind of loss record, Aon’s property brokerage team has significant expertise working with the risk and challenges of
natural catastrophic exposures, business interruption, terrorism and crisis management, risk control and claims advocacy.