Insurance giant Allianz Global Corporate Solutions (AGCS) has warned asset values should be regularly reviewed as inflation approaches double figures in the West.

In its Global Claims Review 2022 AGCS said asset values would be under the spotlight in 2022 as the risk of assets becoming underinsured increases.

Philipp Cremer, global head of claims performance and liaison at AGCS, said: “In a high inflationary environment, it is important that businesses regularly monitor the value of assets, as well as the implications for the costs of replacement or business interruption.”