WTW teams with Kroll to build robust property valuation monitor
Global insurance broker WTW is tipping its hat to the impact of inflation on insured valuations, leveraging a property insurance valuation from Kroll to launch its own ‘Property Rebuild Assessment Service’ for its insured clients.
WTW will offer property rebuild adequacy assessments and online valuations to help build client confidence that their coverage is complete and still well-priced. Assessments, from a standard rating to a detailed individual valuation, will be built on over 40 building indices to track cost trends as assembled by global risk and financial advisory Kroll.
WTW managing director Edward Castles (pictured left) commented: “We recognise that in the current economic climate, our clients need certainty when it comes to property valuations. Whether a client's portfolio consists of residential property, a commercial asset, a manufacturing site or a listed building, they need to know they’re adequately covered should a property damage event occur.”
Kroll’s managing director and global fixed asset advisory services leader Rebecca Fuller (pictured right) added: “In 2022, 67% of the buildings valued by Kroll were underinsured by an average of 64%. In today’s market, valuations are ever-changing due to current economic volatility and compounded cases of underinsurance. Both insurance companies and insureds need solutions that can deliver accurate valuations and advice to support decision-making and optimal risk management.”
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