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Fitch: Light Hurricane Season May Still Leave U.S. CMBS Property Values Out to Dry.
Business Wire
|
December 04, 2006 |
COPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright
NEW YORK -- While the unexpectedly light 2006 hurricane season has real estate owners, lenders, and insurers breathing a collective sigh of relief, U.S. commercial real estate values in coastal areas still may suffer as insurance companies continue to minimize their exposure windstorm insurance coverage, according to a special report by Fitch Ratings.
As the 2006 Atlantic hurricane season approached following last year's record 28 hurricanes and tropical storms, CMBS servicers noticed increases of between 25% and 400% in windstorm insurance premiums. Though only nine Atlantic storms developed this year (with most remaining at sea), there is still potential for serious…
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Source: HighBeam Research, Fitch: Light Hurricane Season May Still Leave U.S. CMBS Property...