Following the devastation of the Atlantic hurricane season, commercial property insurance for North American policyholders is set to become more expensive. American International Group Inc (AIG.N) said on Friday it would pursue double-digit rate increases and bolster reinsurance, following $3 billion in third-quarter catastrophe losses. Rates could rise by as much as 25% next year for properties that suffered damage from hurricanes Maria, Irma and Harvey, according to brokerage Willis Towers Watson. The storm has also caused a spike in home sales across the U.S.
Following the devastation of the Atlantic hurricane season, commercial property insurance for North American policyholders is set to become more expensive. Rates could rise by as much as 25% next year for properties that suffered damage from hurricanes Maria, Irma and Harvey, according to brokerage Willis Towers Watson. The storm has also caused a spike in home sales across the U.S.