April 22, 2021
Real Estate Advisor
Risk Management, Insurance & Claims
National Flood Insurance Program claims payments totaled $1.2 billion last year, marking the sixth straight year that payouts have exceeded $1 billion, an E&E News analysis found. Data shows that properties outside the 100-year flood zone have accounted for 36% of NFIP claims over the past decade.
Full Story: Scientific American online/E&E News (4/13) 
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Global reinsurance capital rose by 4% to $650 billion last year, a record high, amid a strong showing for traditional capital, according to Aon. A recovery in capital markets, new equity issuance and depreciation of the dollar were the main factors behind the increase, Aon says.
Full Story: Reinsurance News (4/21) 
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The East Side Coastal Resiliency Project, a $1.45 billion effort to safeguard lower Manhattan against flooding, is underway, New York City Mayor Bill de Blasio said. The project will elevate 2.4 miles of park land and incorporate vegetation and berms as protective features.
Full Story: WABC-TV (New York City) (4/15),  Bloomberg (4/15) 
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Investors are not shying away from bonds backed by offices even though it is still unclear when some employees will return to their workplaces. This year, there have been close to $4 billion of commercial mortgage backed securities tied to office towers in large city centers, according to a Bloomberg analysis.
Full Story: Bloomberg (4/14) 
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Laws & Regulations
President Joe Biden said ahead of a second bipartisan discussion with lawmakers on his infrastructure plan he was "prepared to compromise, prepared to see what we can do, what we get together on," as Republican lawmakers have said they want a more modest package than Biden's $2 trillion-plus proposal. Rep. Charlie Crist, D-Fla., said the meeting included discussion of raising the corporate tax rate to a level below the currently proposed 28% to fund the plan.
Full Story: CNBC (4/19),  The Wall Street Journal (4/19) 
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State and local governments are rushing to put programs in place to distribute billions in federal funds set aside for rent relief. The process of reviewing applications can take weeks, leaving tenants and landlords in a tough spot as they await funds.
Full Story: The Wall Street Journal (4/13) 
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News from Aon
Surviving a hard D&O market: A guide for risk managers
Companies in 2021 can no longer think about directors-and-officers insurance the way they have in the past. While the hard market won't last forever, it will exist for the time being. This article provides a guide for risk managers on factors influencing the D&O landscape, best practices and alternative strategies for pricing.
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Corporate spinoff transactions
Management liability insurance programs for companies, public or private, are impacted significantly by spinoffs. This Client Alert discusses the considerations for a spinoff as it relates to management liability exposures and insurance.
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About Aon Real Estate
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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Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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