To rectify undervaluation, Westchester recommended more frequent and in-depth property risk appraisals that take into account more extreme weather events, potential supply chain hurdles and inflation trends. (Credit: investment/stock.adobe.com)
Commercial property insurance rates have shown significant growth in recent quarters, with Chubb Ltd. reporting a 12% year-on-year rate increase in the third quarter of 2021. Climate change's influence on natural catastrophes, supply chain challenges and inflation are working concurrently to push rates higher, according to a report from Westchester, Chubb's wholesale excess and surplus lines division.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
