The Weekly Take from CBRE Just in Case: Insurance and the strategies of risk management
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Jan 20, 2025 Ryan Barber, Global Head of Property at Aon, Raphael Dawson from Walton Street Capital, and CBRE’s Chris Nassa discuss critical strategies in property and casualty insurance amidst recent calamities. They emphasize innovative risk modeling for informed decisions and advocate for captive insurance as a cost-effective strategy for large portfolios. The trio also highlights the significance of accurate data in shaping premiums and managing risks, while stressing the importance of having in-house experts to navigate evolving market trends.
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Rising Insurance Costs
- Insurance costs have risen to record levels, impacting asset financials and fund performance.
- This is driven by increased claim frequency and severity, demographic shifts to catastrophe-prone areas, and development in high-risk locations.
Unexpected Hurricane Damage
- Unexpected hurricane damage occurred in Asheville, North Carolina, highlighting shifting weather patterns.
- This necessitates increased awareness and preparation for risks in previously unaffected areas.
Increasing Billion-Dollar Losses
- NOAA's billion-dollar loss map shows an increase in costly events, from 8.5 per year (1980-2024) to 20.5 per year (2019-present).
- This emphasizes the growing frequency of significant losses, impacting risk assessment and insurance costs.