Commercial Property Insurance Heading North
Commercial property insurance rates are expected to increase 5% to 7% in South Florida this year.
While our geographic location and exposure to hurricanes are mainly to blame for the increase, global insured losses in 2012, which are expected to reach $65 billion to $70 billion, will also play a role.
Hurricane Sandy, drought, severe storms and tornadoes contributed to those losses.
In 2012, commercial property insurance rates in South Florida rose an average of 3% to 5%, caused by global insured losses in 2011 totaling $115 billion, according to Swiss Re Group, a wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer.
Cyper, executive risk, workers compensation and general liability are anticipated to remain flat.
While our geographic location and exposure to hurricanes are mainly to blame for the increase, global insured losses in 2012, which are expected to reach $65 billion to $70 billion, will also play a role.
Hurricane Sandy, drought, severe storms and tornadoes contributed to those losses.
In 2012, commercial property insurance rates in South Florida rose an average of 3% to 5%, caused by global insured losses in 2011 totaling $115 billion, according to Swiss Re Group, a wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer.
Cyper, executive risk, workers compensation and general liability are anticipated to remain flat.
Source: Miami Today