Ensuring insurance to value (ITV) is good for all parties throughout the (re)insurance value chain: Policyholders are better protected in the event of a total loss, insurers can collect premiums appropriate to the risk, and reinsurers can more accurately assess the risk they are assuming from each of their cedants.
(Re)insurers require granular, timely, and comprehensive replacement costs estimates to successfully navigate today’s volatile, inflationary environment.
Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.
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