“There’s going to be more effort all around to keep these insurance programs competitive”
By Mark Schoeff Jr.
A spike in commercial property foreclosures is increasing pressure on insurance brokers, who must respond to more demanding inquiries from underwriters and seek more sources for coverage, industry participants say.
A recent report from ATTOM, a firm specializing in real estate data, shows that there were 635 commercial foreclosures in January, up from 141 in May 2020. The pool of distressed US commercial properties totaled $85.8 billion at the end of last year,