As the risks and costs of the effects of climate change become increasingly clear to investors, many are considering complex new strategies to try to tamp down or mitigate the rising costs of CRE property insurance.
Not only are insurers raising premiums and imposing stricter underwriting standards, lenders are doing so too – in some cases exceeding the hazard-based recommendations of insurance brokers – and pumping up the costs for borrowers even more.
The challenges and opportunities are discussed in "Insurance on the Rise: Climate Risk and Real Estate Investment Decisions," a new report by the Urban Land Institute and Heitman, a global real estate investment management firm, which is based on interviews with experts in the field.
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