Trend | Range | |
---|---|---|
Non-challenged occupancies / Non-CAT | -5% to +5% | |
Challenged occupancies / CAT exposed | -10% to +10% |
Individual accounts may experience greater increases or reductions depending on account-specific metrics
Insurers remain focused on valuations to demonstrate to their reinsurers that their portfolio data is robust, accurate and balanced when deploying capacity.
Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|
ENR — Building cost index | 3.30% | 3.30% | 1.74% | 3.96% | 13.94% | 9.40% | 2.90% | 1.90% |
FM Global — US industrial buildings average | 1.20% | 5.20% | 1.73% | 1.42% | 18.40% | 11.10% | 1% | 1% |
RSMeans — 30 city average | 4.00% | 5.50% | 2.05% | 1.71% | 15.83% | 12.10% | 1.90% | 1.30% |
Marshall & Swift — U.S. average | 2.7% to 3.7% | 3.2% to 6.0% | 0% to 1.3% | 3% to 6.1% | 16 % to 24.5% | 11.10% | 1.04% | 1.20% |
This map denotes the approximate location for each of the 20 separate billion-dollar weather and climate disasters that impacted the United States through August 2024.
Source: National Centers for Environmental Information
In 2024 (as of September 30), there have been 22 confirmed weather/climate disasters with losses exceeding $1 billion each to affect the U.S. These events included 16 severe storms, three tropical cyclones, one wildfire and two winter storms.
The property market appears poised to move from stabilization to a softening phase in the second half of 2024 as capacity continues to come back into the market. This market shift will be evident during the renewal process and program delivery results.