BCIS has announced that Co-operative Insurance has adopted its ReAsses tool to calculate its re-insurance risk exposure.
ReAssess provides reinsurance analysts with a consistent approach to calculating ‘Value at Risk’ and an independent and authoritative data source to quote during compliance checks.
Lee Mooney, Head of Home Insurance at The Co-operative Insurance, said: “We’re looking forward to working with the ReAssess system as we believe it will help us to continue purchasing accurate levels of reinsurance to reduce the volatility of underwriting results.”
Andrew Thompson, International Development and Data Director at BCIS explains:
“ReAssess will provide analysts with the rebuilding cost of residential properties across entire books of business using BCIS rebuilding cost models already accepted as standard by surveyors and loss adjustors. The data, compiled over the last 40 years, is developed and maintained by in-house construction industry experts to ensure that it is always up-to-date and in line with building regulations. ReAssess will enable The Co-operative to accurately assess its ‘Value at Risk’ rather than relying on internal models or the sum insured provided by the policyholder.”
Source : BCIS