Wildfires reverse charge moderation
After indicators of stabilization in 2024, the industrial property market skilled renewed stress following main wildfire occasions. In January, the Palisades and Eaton Fires in Los Angeles County destroyed greater than 16,000 constructions, rapidly depleting reinsurers’ disaster budgets for the 12 months. Although 2024 reinsurance renewals have been broadly favorable, the early surge in catastrophic occasions triggered a reversal in pricing tendencies.
