WTW reveals new property rebuild assessment service

WTW reveals new property rebuild assessment service | Insurance Business Canada

Insurance News

WTW reveals new property rebuild assessment service

The new service is powered by Kroll’s property insurance valuation platform

Insurance News

By
Kenneth Araullo

WTW has launched a new property rebuild assessment service to provide its clients with accurate rebuild valuations and advice.

Made in partnership with Kroll’s property insurance valuation platform, the new service allows WTW to provide property rebuild adequacy assessments and online valuations to help assure clients that their business is properly protected and that they are not being overcharged for cover.

The collaboration leverages extensive data comprising the latest statistical information on markets, costs, and powerful analytics to offer clients accurate valuations. It also utilizes Kroll’s 40 different building indices to track cost trends to offer clients an end-to-end valuation solution.

Through this new proposition, WTW clients can access a range of valuation capabilities from an online risk rating or valuation of their building reinstatement costs, compared to today’s values, to a data valuation based on their property’s specifics.

WTW managing director Edward Castles said that the combined strength of the insurer and Kroll has enabled them to deliver a service that provides accurate valuations, meaning that clients need not be surprised by significant shortfalls in protection or over-inflated premiums.

“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,” Castles said.

Likewise, Kroll managing director and global fixed asset advisory services leader Rebecca Fuller said that the firm was excited to collaborate with WTW on this new valuation service, which comes at a crucial time for the global insurance market.

“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,” Fuller said.

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