Extreme weather, rising insurance premiums, new carbon regulations, and shifting market expectations are pushing commercial real estate (CRE) into uncharted territory.
A coalition including The Resiliency Company, JLL, Ryan Companies, and the Urban Land Institute created the Risk Mitigation Playbook: a practical guide based on real-world experience for those involved in commercial real estate (CRE) development, from lenders to engineers to owners.
Nine months after the Eaton and Palisades fires, the Department of Angels released a large, community-level survey in October offering a detailed look at how homeowners perceive their recovery experience.
Nine months after the Eaton and Palisades fires, the Department of Angels released a large, community-level survey in October offering a detailed look at how homeowners perceive their recovery experience.
A recent analysis of the private market from Insurance for Good found that premium discounts for home hardening vary immensely, and often aren’t tied to the actual potential impact on losses.
The California FAIR plan is proposing a huge rate hike, alongside incentives to reduce wildfire risk. The success of the effort hinges on cultivating a robust, affordable industry around fire-resilient construction.
The Dixon Trail community in California could signal a way forward for stakeholders grappling with the heightened risk of building, owning, and insuring homes in the fire-prone West.
When disaster strikes, the question is not whether we will rebuild, but how. The problem is that it costs more to rebuild a home to disaster-resilient standards. We need new flexible and dedicated financing products that make it easier for homeowners to make critical resilience investments.
At the recent Milken Global Conference, rebuilding LA was top of mind. Partnership, system-level engagement, and local leadership were key themes. And the insurance sector has a critical opportunity to reframe its role in disaster preparedness and society at large.
Unexpected disasters are causing damage in unlikely places, forcing decision-makers in the public and private sectors to prepare for the most common disasters in their region as well as the rare, once-in-a-hundred-year ones. But strategies exist to help decision-makers prepare for the unexpected.
California has high standards for wildfire, but even with policy changes, adoption is slow. The LA Fires will likely drive up rent prices, fueling displacement in the region. The fires are straining an already imbalanced CA insurance market.
Part II of our Wildfires Briefing explores four categories of opportunity for the private sector: 1) Implementing modern building materials and codes; 2) Technologies for better fire management; 3) New insurance models; and 4) Private financing for forest management.
Climate change and federal policies are making wildfires more frequent and intense. Migration patterns are increasing the exposure of assets to wildfire threats. And assets that are more vulnerable to wildfires translate into higher costs.
