Climate change poses many problems for society as a whole, and for commercial real estate. Properties can face flooding or wildfires or heavy damage from winds. A building can be cut off from everything else. All the time while increasingly cut off new business lines in states that have been particularly hard hit by disasters.
At a time when insurance can't be counted on as the rescue of last resort, lenders must consider the risk they could take on. The Federal Reserve Bank of New York emphasized this point in a recent blog post.
The observation started with a previous post about potential inaccuracies in flood maps. It wasn't a nationally representative examination, but one still worth consideration because the issues aren't only restricted to one part of the country.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
