Reinsurance News

WTW launches Property Rebuild Assessment Service in collaboration with Kroll

20th June 2023 - Author: Akankshita Mukhopadhyay

Global advisory and broking firm, WTW, has partnered with Kroll to launch a Property Rebuild Assessment Service, offering clients accurate valuations and advice to ensure proper property protection and avoid overpayment for insurance coverage.

By leveraging its industry expertise and extensive data, WTW will offer clients precise valuations supported by the latest statistical information on markets and costs, as well as powerful analytics utilising over 40 different building indices to track cost trends.

Kroll, a prominent independent provider of global risk and financial advisory solutions, will provide the necessary tools and data to facilitate this collaboration.

WTW’s Property Rebuild Adequacy assessment will provide clients with an end-to-end valuation solution. Through the company, clients can access various valuation capabilities, ranging from online risk rating or valuation of building reinstatement costs in comparison to current values, to data valuations based on specific property details.

The service aims to assist clients in determining the appropriate reinstatement value and ensuring that the declared value of their property or portfolio is adequate.

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Edward Castles, Managing Director at WTW, emphasised the importance of certainty in property valuations, especially in the current economic climate.

He stated, “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. ”

Castles further highlighted the collaborative strength of WTW and Kroll in delivering a trusted service that provides accurate valuations, protecting clients from potential shortfalls in coverage and inflated premiums.

Rebecca Fuller, Managing Director and Global Fixed Asset Advisory Services Leader at Kroll, shed light on the prevalent issue of underinsurance in the market.

Fuller stated, “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.”

She expressed the need for accurate valuations and advice to support decision-making and optimal risk management, emphasising Kroll’s trusted status as a global valuations partner.

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