View On-Demand Webinar
View On-Demand Webinar
Sky-rocketing inflation changed the value of insured assets like property and equipment. Commercial properties may be undervalued by 30% for underwriting purposes and construction inflation has been between 12% and 40% per year since the pandemic.
Getting values correct is critical, with downstream effects for accurate loss estimates and risk modeling. Plus, the hard insurance market has created heightened scrutiny of estimated property values. Underwriters need detailed property valuation data to entertain new risks and renew existing policies.
It all adds up to companies being drastically underinsured leading to reduced claims that won’t pay for replacement costs and rebuilding expenses. We teamed up with RIMS and Starr Tech to examine how market conditions make it critical to get accurate valuations now.
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Ray Walshe
Vice President and Regional Underwriting Manager, Starr Tech (Starr Insurance Companies)
Ray has deep underwriting expertise in power generation, chemicals, semiconductor/tech, and other industries. He progressed from field engineering highly protected risks to energy underwriting and marketing over his 30+ year career. At Starr Tech, he is responsible for energy property underwriting and engineering efforts over an 11-state region, including California, Oregon, Washington, Alaska, Hawaii, Arizona, Nevada, Utah, Idaho, Wyoming and Montana.
Justin Chen
Global Manager for Property Valuation Services at TÜV SÜD Global Risk Consultants
Justin provides support for insurance-to-value issues by maintaining business relationships with internal and external customers – and developing and maintaining valuation tools and databases. Before joining TÜV SÜD GRC, Justin spent nearly 15 years as a Property Valuation Specialist with Zurich.
David Rix
Global Sales Manager at TÜV SÜD Global Risk Consultants
David is a global sales leader with deep experience in risk engineering and business insurance. He is an expert in food-and-beverage, power generation, and many other industries – with years of experience helping some of the world’s largest companies protect against risks like fire or machinery breakdown. David previously held leadership roles with Marsh and Willis.
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