This is to help ensure client confidence that their business is properly protected, and they are not overpaying for cover.
The collaboration allows WTW to offer clients accurate valuations through its industry expertise, powered by extensive data, comprising the latest statistical information on markets and costs and powerful analytics that use over 40 different building indices to track cost trends from Kroll, a leading independent provider of global risk and financial advisory solutions.
WTW’s Property Rebuild Adequacy assessment offers clients an end-to-end valuation solution. Through 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 the specifics of their property. The service assists clients to decipher what the current reinstatement value would be and whether the declared value property or portfolio is appropriate or not.
Edward Castles, Managing Director at WTW, says:
“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.
“The combined strength of WTW and Kroll has enabled us to deliver a trusted service that provides an accurate valuation, meaning our clients need not be stung by significant shortfalls in protection or over inflated premiums.”
Rebecca Fuller, Managing Director and Global Fixed Asset Advisory Services Leader at Kroll, says:
“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.
“Kroll is a trusted valuations partner for clients around the world, and we are excited to partner with WTW on this new innovative independent valuation service, which comes at a crucial time for the global insurance market.”
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