Energy prices, for instance, are expected to increase 60% in 2022, while non-energy prices are about 30% higher than pre-pandemic levels1. High prices exert inflationary pressures across Asia’s industries, driving up underinsurance and other risks for businesses. For your organisation, ensuring that your valuations are accurate and up-to-date is critical to making the appropriate risk management decisions and reducing exposure to potentially costly liabilities.
To ensure that they are fully covered in the event of a loss at a time when asset values are fast-rising, organisations need to partner with the right valuation services consultant that offers the expertise and tools that enable the accurate determination of the appropriate asset values to declare to insurers.
Common mistakes by organisations include assigning asset valuations to their bank, builder, or architect; using book or market value; or referring to last year’s value without sufficient analysis. The mistake of declaring the incorrect value can be costly; an over-declaration could lead to higher premiums, while an under-declaration could result in an insufficient insurance payout in the event of a claim, which could lead to significant uninsured losses and severe financial, legal and reputational repercussions for your organisation.
Hence, it is important to choose an all-rounded valuation partner that can support you with complete insurance valuation services.
With a global network of insurer partnerships and over 10,000 assets valued annually, Marsh Valuation Services offers a complete valuation solution that has served many leading entities in Asia across sectors such as energy and power, oil and gas, education, technology, real estate and infrastructure. Our expertise helps ensure the correct, up-to-date values are attributed to each of your assets in compliance with your accounting requirements, minimizing your organisation’s risk of over or under insurance.
“Marsh Valuation Services were knowledgeable regarding both the valuation and engineering aspects of the project. They were consultative throughout and always on hand to assist in making the process run smoothly.” – Marsh Valuations Services client
1World Bank Group. 2022. Commodity Markets Outlook: Pandemic, war, recession: Drivers of aluminum and copper prices, October 2022. World Bank, Washington, DC. https://openknowledge.worldbank.org/bitstream/handle/10986/38160/CMO-October-2022.pdf
Marsh, the world’s largest insurance broker and risk advisor, is committed to helping clients globally and in Asia manage risk effectively. We help you get your claims settled faster, protect ownership interests of your physical assets and respond to increasing compliance demands with total transparency. Marsh Valuation Services provides insurance and financial reporting valuations for all tangible assets including land, buildings, machinery, contents, infrastructure and fine art, with proprietary systems that empower your organisation with a comprehensive, expedited solution to declare accurate values and complete any reporting requirements.
Head of Consulting Solutions, Taiwan
