Insurance broker WTW has launched a new Property Rebuild Assessment Service, powered by Kroll’s Property Insurance Valuation Platform, to provide its clients with an accurate rebuild valuations report and advice.
WTW will provide property rebuild adequacy assessments and online valuations, 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.
“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,” commented Edward Castles, managing director at WTW.
“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,” he 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,” said Rebecca Fuller, managing director and leader of Kroll’s Global Fixed Asset Advisory Services.
About Kroll
An independent provider of risk and financial advisory solutions, Kroll said it leverages insights, data and technology to help clients stay ahead of complex demands. With a team of more than 6,500 professionals worldwide, the firm’s expertise spans risk, governance, transactions and valuation.
Source: WTW
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