ReAccess will support Solvency II compliancy
Insurers have a new tool to more accurately access their reinsurance needs.
The new system, called ReAssess, was launched by The Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS).
ReAssess will provide analysts with the rebuilding cost residential properties using BCIS rebuilding cost models already accepted as standard by surveyors and loss adjustors.
Containing over 2.5 million rebuilding cost values, ReAssess enables insurers to accurately assess their value at risk across books of business rather than relying on internal models or the sum insured provided by the policyholder.
Andrew Thompson, international development and data director at BCIS said: “ReAssess can play an intrinsic role in assessing reinsurance needs and supporting Solvency II compliance. To allow insurers to evaluate ReAssess, we are inviting them to submit a data sample to BCIS, for which we will generate rebuilding cost values.”