ASSESSMENT OF INSURANCE VALUATION ACCURACY BY ESTATE SURVEYORS AND VALUERS IN BENIN CITY.

ABSTRACT

This report gives findings on the research work on an assessment of insurance valuation accuracy carried out by estate surveyors and valuers in Benin City. It discusses the possibility of inaccuracies in insurance valuation.. This research was first in a bid of probing the situation of an increasing concern over the quality of valuation practice among valuers in Nigeria, Benin city Precisely. This was proved by studies and findings that showed valuation accuracy around the world, including Nigeria.Insurance which is one of the purposes for carrying out valuation has been highlighted as an area of focus, because of the challenges inaccuracy of insurance valuation estimate poses between the insurer and the insured. Quantitative approach, using simple percentage to analyze findings to arrive at the facts that Valuation accuracy is very important for property professionals and investment analysts, and by understanding the importance of accurate asset valuation for insurance purpose, you can make informed decisions about your assets and avoid underinsurance. From the findings, the recommendations are that to mitigate the issues of inaccuracies in insurance valuation, a regulatory frame work should be enforced amongst professional, and stringent measures be put in place to ensure only professionals engage in the practice of valuation adhering to professional ethics, and also that availability of adequate market data and asset data will go a long way in ensuring accuracy of insurance valuation if all other factors are constant