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US mega-banks at early stage of managing insurance risks for commercial real estate, Barr says

By Neil Roland ( May 15, 2024, 21:46 GMT | Insight) -- Michael Barr, the US Federal Reserve’s vice chair for supervision, said that the largest US banks are at an early stage of understanding and measuring the property insurance risks for commercial real estate loans, due to data gaps faced by the firms. The six banks had a wide variation in data for property covered by insurance and would incur losses based on availability of that insurance, Barr told the House Financial Services Committee.Michael Barr, the US Federal Reserve’s vice chair for supervision, said that the largest US banks are at an early stage of understanding and measuring the property insurance risks for commercial real estate loans, due to data gaps faced by the firms....

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