Stephen McCord contributes article to PropertyCasualty360
According to the National Oceanic and Atmospheric Administration, the U.S. experienced 18 separate weather and climate disasters in 2022 resulting in at least $1 billion in damages. Furthermore, the United States Geological Survey predicts that, in California, about half a million people and $100 billion worth of property on the coast will be at risk during the next century.
The continued upward trend in the frequency and severity of extreme weather-related catastrophic events has resulted in a lack of carrier capacity. This is enhanced by rising rates and a pattern of properties not being valued correctly. All of this is according to Stephen McCord, regional sales leader and senior vice president of real estate and hospitality at Marsh McLennan Agency. Stephen recently contributed an article to PropertyCasualty360 diving into the impact of CAT risk on coastal properties.
