Source: https://www.costar.com/, April 21, 2022
By: Randyl Drummer

Commercial property insurance rates are on the rise, spurred in part by billions of dollars in damage from floods and fires linked to climate change, posing economic challenges for some businesses and prompting investors to reassess purchases in areas where risk is increasing.

Mounting losses from flooding, tornadoes and wildfires, together with other macroeconomic factors such as rising inflation and supply-chain disruptions that are making construction materials and repairs more expensive, drove double-digit increases in commercial property premiums in 2021, according to an analysis from Chubb, a global property and casualty insurer. Read more.