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Hurricane Zeta, which made landfall on October 28, is estimated to cause insured losses between USD 1.5 billion to USD 3.5 billion, according to AIR Worldwide, a Verisk business. Zeta, a high-end Category 2 storm with sustained winds of 110 mph, ties the record for the number of named storms this season. The hurricane hit southeastern Louisiana, affecting areas from eastern Texas to the western Florida Panhandle. Despite impacts, levees protected New Orleans from storm surge. AIR's estimates cover onshore property, including residential and commercial losses.
Net income for the U.S. property/casualty insurance industry fell 26% in the first half of 2020, driven by COVID-19 impacts. Net income after taxes decreased to $24.3 billion from $32.8 billion year-over-year. Significant capital losses of $1.4 billion contrasted with $4.3 billion in gains in 2019. Net underwriting gains dipped to $4.6 billion. Premium relief efforts could exceed $10 billion. The combined ratio surpassed 100% in Q2 as underwriting results worsened, with net income falling to $6.4 billion from $14.9 billion in Q2 2019.
Verisk (Nasdaq:VRSK) announced that Lincoln Heritage Life Insurance Company is now using FAST’s electronic Application (eApp) as part of a legacy transformation program. This eApp enhances efficiency for agents by allowing digital signatures and pre-filling of data, enabling them to focus on customer needs. FAST’s managing director noted that Lincoln Heritage will begin to see significant benefits from this implementation. This transformation aligns with Verisk's commitment to providing integrated solutions for life insurance, including analytics and automation.
On October 14, 2020, AIR Worldwide, a Verisk business, estimated that Hurricane Delta caused insured losses to onshore property ranging from USD 1 billion to USD 3 billion. The hurricane made landfall on October 9, impacting Louisiana with sustained winds of 100 mph and significant rainfall. Many properties were already damaged from Hurricane Laura, which made landfall just six weeks earlier. AIR noted that the cumulative effects of back-to-back hurricanes could exacerbate damage, particularly in already affected areas. The estimates include losses to residential, commercial, and industrial properties, as well as automobiles.
Ford joins the Verisk Data Exchange, enabling new opportunities for insurers to offer usage-based insurance (UBI) benefits to owners of connected Ford and Lincoln vehicles. With no additional hardware required, drivers can easily share their driving data for personalized discounts, enhancing cost control and safety. Verisk's platform allows insurers to access driving data and refine UBI programs efficiently. The Exchange currently supports over 6.6 million vehicles and continues to grow rapidly. This partnership reflects Ford's commitment to enhancing customer value through innovative services.
Verisk (Nasdaq:VRSK) will announce its fiscal Q3 2020 financial results on November 4, 2020, after market close. A live audio webcast is scheduled for November 5, 2020, at 8:30 a.m. EST, where management will discuss the results and business highlights. Interested parties can access the event on the Verisk investor website. The discussion will also be available via dial-in for U.S. and international participants. A replay will be accessible for 30 days following the event. Verisk specializes in data analytics across various sectors.
Cogitate Technology Solutions has improved its DigitalEdge Insurance Platform by partnering with Verisk, integrating their advisory loss costs, rules, and forms into the platform. This collaboration aims to enhance the speed of market entry for insurance carriers and agents. Cogitate's platform allows for streamlined distribution channels and better digital connectivity among various insurance providers. The alliance emphasizes a shared commitment to transforming insurance workflows, ultimately improving the insurance buying experience.
Verisk (Nasdaq:VRSK) has partnered with Duck Creek Technologies to integrate BuildFax solutions into Duck Creek's Content Exchange. This collaboration enhances access to vital property condition data for insurers, including insights on roof age and major system conditions. With these additions, Duck Creek's clients can leverage BuildFax's comprehensive analytics to make informed insurance decisions. These solutions are crucial for evaluating risks associated with properties, ultimately aiding in policyholder coverage.
Verisk (Nasdaq:VRSK) has appointed Gen. Vincent Brooks to its board of directors, effective October 1. A retired four-star general with 42 years of service, Brooks previously commanded U.S. Forces in Korea and led the United Nations Command. He currently advises businesses on geopolitical risks with WestExec Advisors. Verisk's CEO highlighted Brooks' leadership experience as vital for strengthening the company's innovation culture and addressing complex global challenges. Verisk operates in 30 countries, providing advanced data analytics to various sectors, including insurance and financial services.
Verisk (Nasdaq:VRSK) has announced the appointment of Gen. Vincent Brooks to its board of directors, effective October 1. Brooks brings over 40 years of leadership experience, having recently commanded U.S. forces in Korea. He is currently a principal at WestExec Advisors, providing geopolitical insights to businesses. This addition is expected to enhance Verisk's commitment to innovation and risk mitigation, as stated by CEO Scott G. Stephenson. Verisk leverages advanced analytics to support its clients in various sectors worldwide, operating in 30 countries.
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