Blog Tag: property and casualty insurance
The 9/11 terrorist attacks changed many things about our nation. In addition to the overwhelming loss of life and property destruction, the attacks upset our economy and rattled the insurance industry. With over $40 billion in covered loss, 9/11 is the largest insurance loss in global history. Terrorism insurance was a big topic after the attacks because coverage became either too expensive or unavailable. In response, the Terrorism Risk Insurance Act (TRIA) was signed into law in 2002.
Rates have been on a steady climb for commercial property insurance coverage. And thus far in 2019, loss trends continue to create pricing concerns. The market began to harden in 2017 following the second costliest year on record for insured and uninsured claims. Matters were made worse in 2018, which is now the fourth costliest natural disaster year on record for insured losses. With a combined loss total of $230 billion, 2017 and 2018 represent the most insured losses for two consecutive years.1
When running a business, it can be difficult to keep tabs on your commercial property value because your attention is often pulled in other directions. Losing focus on this number, however, can spell big trouble for your commercial property insurance policy. If you experience a loss and file a claim, your insured property value will be the number that either gets you back to business or forces you to shut your doors – so you better be sure that number is right!