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Insurance Market Splits as Property Falls and Casualty Pressure Persists
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Insurance Drags Down Property Values By 17% In Climate-Sensitive Markets, Study Shows
The effects of climate change are starting to take a toll on real estate owners where it hurts them the most: their property values. In markets with higher risks of natural disasters, such as hurricanes, wildfires and flash floods, market values for commercial real estate are 16.9% lower than in markets with lower climate risk, according to a report climate risk data firm First Street shared with Bisnow.
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