The insurance industry is hyper fixated on an issue that is extremely relevant to the property sector, namely valuation.
That is according to Ben Beazley (pictured), executive vice president, national accounts property at Jencap Group.
“Valuation is the hottest topic in insurance right now,” Beazley said. “For nearly 20 years, the cost to rebuild a structure due to a loss was much, much lower — the market was so soft. Now, since COVID, rates have risen dramatically and really thrown insurers off.”