Verisk Analytics provides data analytics, software and technology for the global insurance industry, with recurring updates tied to underwriting, claims, policy administration, fraud detection and risk intelligence. Company news often covers insurance workflow products such as Verisk Ignite for policy management, Xactimate for property claims estimating and ClaimSearch-based claims trend analysis.
Verisk also reports developments in AI-enabled insurance analytics, product integrations with insurance and restoration platforms, property-and-casualty industry research, quarterly financial results, dividends, share repurchases and financing activity. Its releases frequently connect proprietary insurance datasets with underwriting outcomes, claims efficiency, catastrophe risk, climate risk and other global risk topics.
Verisk (Nasdaq: VRSK) announced it will release its financial results for Q3 FY2021 on November 2, 2021, after market close. A live audio webcast discussing the results will be held on November 3, 2021, at 8:30 a.m. EDT. The results will be accessible through the Verisk investor website. Verisk provides analytics and solutions for insurance, energy, and financial sectors, with over 70% of the FORTUNE 100 as clients. The company celebrates its 50th anniversary and has more than 100 offices in nearly 35 countries.
Verisk (VRSK) is leveraging artificial intelligence to analyze over 200 million Yelp reviews, enhancing the underwriting process for small commercial insurance. This initiative allows insurers to access up-to-date insights, improve risk assessment, and streamline decision-making. By integrating Yelp’s data into their LightSpeed® Small Commercial solution, Verisk aims to accelerate digital transformations in insurance, ultimately reducing the number of questions on applications. The collaboration with Yelp positions Verisk to better meet evolving insurance needs post-COVID-19.
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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.
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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.