Verisk Analytics Stock Price, News & Analysis

Verisk (Nasdaq: VRSK) and Insurance Regulatory Consultants (IRC) have announced a collaboration to support insurers in product development, actuarial analysis, and regulatory compliance. This partnership leverages Verisk's extensive data assets and analytics capabilities, helping insurers launch new products and navigate the regulatory approval process swiftly. Utilizing IRC's FilingRamp app, insurers can submit filings more efficiently, receiving real-time updates. This collaboration aims to foster innovation in the insurance industry, ultimately benefiting insurers and their customers.

Hurricane Ida's insured industry losses are estimated between USD 20 billion and USD 30 billion. Wind and storm surge losses are projected to range from USD 17 to USD 25 billion, while private-market insured losses from inland flooding are estimated between USD 2.5 billion and USD 5 billion. The losses encompass damage to residential, commercial, and industrial properties, along with automobiles. Reconstruction costs remain elevated due to supply chain disruptions, with material costs about 30% higher than last year. The storm notably impacted states from Pennsylvania to Massachusetts.

A new study led by Atmospheric and Environmental Research and published in Science reveals an increasing frequency of polar vortex disruptions favorable for extreme winter weather in the US, potentially linked to Arctic change. The research shows that a stretched polar vortex, which has become more common since 1979, correlates with extreme winter events like the 2021 Texas cold wave. The study highlights that the warming Arctic contributes to severe winter weather, contrary to the belief that climate change will prevent such events. This work provides a critical understanding of climate impacts on weather patterns.

AIR Worldwide, a Verisk business (Nasdaq:VRSK), estimates Hurricane Ida's insured losses to onshore property between USD 17 billion and USD 25 billion. These figures account for damage from winds, storm surge, and increased repair costs in the current construction market. Ida, a Category 4 hurricane, made landfall in Louisiana on August 29, causing widespread destruction. Despite the levees holding in New Orleans, severe wind damage was reported, especially in areas near the landfall. Reconstruction costs are notably higher, influenced by supply chain issues and rising material costs.

A recent study indicates an increase in polar vortex disruptions, leading to more extreme winter weather in the United States. Conducted by AER, University Massachusetts Lowell, and Hebrew University of Jerusalem, the findings suggest that Arctic changes, such as warming temperatures and melting sea ice, contribute to this trend. The research highlights that these disruptions may be linked to severe winter events, including the Texas cold wave in February 2021. This study provides new insights into how climate change influences mid-latitude weather patterns.

Metromile announces integration with Verisk’s LightSpeed® Auto platform to enhance its pay-per-mile auto insurance service. This collaboration aims to improve the consumer buying experience and accelerate digital growth while reducing acquisition costs. Metromile claims drivers can save an average of 47% on annual premiums. Verisk’s data-driven approach facilitates faster and more accurate underwriting by delivering extensive data upfront, addressing the growing demand for digital transformation in the insurance sector.

Verisk (Nasdaq:VRSK) has announced a new integration with Avalara to enhance tax compliance workflows for property preservation specialists. This collaboration allows users of Property Pres Wizard to calculate sales and use tax in real-time, improving efficiency and accuracy. Verisk’s Xactware is now Avalara Certified, ensuring reliable performance. The integration aims to reduce time spent on tax management, enabling customers to focus on business growth. More than 70% of the Fortune 100 use Verisk's advanced analytics for risk management and operational efficiency.