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.

Source:  Miami Today



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