Latest Insurance News
Commercial property insurance holders 'have seen market bottom'
23 Feb 2010
Posted by Jonathan Walkers
There is growing evidence to suggest commercial property insurance policyholders have seen the bottom of the market, according to an expert.
Oliver Whitehead, chairman of Minerva, which is one of the most active developers in the UK, said a shortage of large, high-quality sites in the City is particularly driving demand.
The company saw the value of its portfolio rise by 10.6 per cent at the end of December last year, taking its worth to £979.9 million.
Minerva said that an improvement in market conditions had helped to boost its portfolio value, which could be good news for other commercial property insurance policyholders.
"There is real and growing evidence to show that we have now passed the cyclical low in the commercial property market," Mr Whitehead commented.
Oliver Gilmartin, senior economist at the Royal Institution of Chartered Surveyors, recently said that commercial property in the UK has become an attractive investment compared to euro-denominated assets.
