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Insurance Costs Set to Soar

LONDON-The rise in insurance rates seen since 11 September is likely to continue, with some buildings becoming uninsurable, a leading insurance expert has told the British Council for Offices.

By Graham Parker | Updated on June 11, 2002

LONDON-Insurance rates are likely to increase further, and some buildings will be virtually impossible to insure, Bill Gloyn, chairman of Aon’s European Real Estate Practice Group told the British Council for Offices conference in Edinburgh.

Gloyn said the New York attack was the last straw for a hard-pressed insurance sector that had been subsidising insurance for a decade with investment income. The stock market crash had dried up that source and now insurers will take a much tougher stance.

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