The BRP Real Estate Practice anticipates the challenging market conditions of 2022 and the first quarter of 2023 to continue for the remainder of the year due to several reasons, including:
The steady occurrence of severe weather and natural disaster events nationwide such as flooding, wildfires, and windstorms.
An increased emphasis by carriers on property owners and operators to utilize accurate replacement cost valuations.
A decreased appetite among carriers for certain asset types and geographies.
The cost of nearly everything continuing to rise; it is hard to dismiss the inevitable impact of inflation on the insurance industry. From construction materials to labor and services, the impact is difficult to quantify, but BRP can help you identify and evaluate options to find the best insurance and risk management solutions for your real estate portfolio.
This report explores these factors and others, as well as highlights actions owners and operators can take to position their portfolio’s renewal submission and overall risk management strategy for the best outcome — this year and moving forward.
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