Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS), has launched new tool ReAssess to help insurers more accurately assess their reinsurance needs.
ReAssess will provide analysts with the rebuilding cost residential properties using BCIS rebuilding cost models which accepted as standard by surveyors and loss adjustors.
According to the BCIS, ReAssess will enable insurers to accurately assess their value at risk across books of business, with over 2.5m rebuilding cost values, rather than relying on internal models or the sum insured provided by the policyholder.
ReAssess provide reinsurance analysts with an approach to determining value at risk and is an independent and authoritative data source to quote during compliance checks.
BCIS international development and data director Andrew Thompson said that the 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," Thompson said.