Intelligent AI platform targets closing commercial property underinsurance gap
InsurTech Intelligent AI has launched its Intelligent Rebuild Cost Validation Platform, designed to address the long-standing challenge of underinsurance in the commercial property market.
Gallagher calculated in December 2022 that two in five commercial properties in the UK were underinsured, with the problem hitting a record high. The shortfall of underinsured properties was an average of 43% against the rebuild value covered by their insurance.
In March, Chaucer also flagged the issue, warning that with rebuild costs 10.4% higher than a year ago average property insurance policies could have rebuild value shortfalls.
It listed price hikes for insulating materials, gravels
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