Multiple severe thunderstorms threw a vicious punch at the commercial real estate industry in the first half of 2023, leaving it with the highest spike in premiums at 18.3%.
The storms accounted for insured losses of around $34 billion in the US alone, which is nearly 70% of global insured natural catastrophe losses in that time and the highest ever insured losses in a six-month period.
Perhaps not surprisingly then, CRE received the highest increase in insurance premiums among any insurance business lines in the second quarter, according to The Council of Insurance Agents & Brokers' Commercial Property/Casualty Market Report.
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