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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) and APCIA report a challenging year for U.S. property/casualty insurers in 2020, attributing a 2.9% decline in net income to pandemic-related disruptions and $62 billion in insured catastrophe losses. Net income fell to $60.1 billion, with investment yields at their lowest since 1960. Insurers issued $11.5 billion in premium relief, amid a 5.6% drop in net investment income. However, net underwriting gains rose to $5.1 billion, and the combined ratio improved slightly to 98.7%. Overall net premiums increased by only 2.6% to $650.4 billion.
AIR Worldwide has been chosen as the catastrophe modeling partner by a group of newly established insurance and reinsurance firms from the 'Class of 2020,' including Conduit Re, Core Specialty, Inigo Ltd, Integral ILS Ltd, and Vantage Risk. These companies selected AIR for its advanced catastrophe models and user-friendly software, which integrate seamlessly into their operations. AIR's solutions are also favored by numerous other firms beyond this cohort. Notably, AIR provides risk modeling for 16 of the top 20 non-life reinsurers, underscoring its industry leadership.
Verisk (Nasdaq: VRSK) has partnered with the National Fire Protection Association (NFPA) to enhance wildfire risk mitigation analytics. The NFPA will provide Verisk with data from its Firewise USA® program, which recognizes communities engaging in wildfire mitigation efforts. This collaboration aims to improve underwriting analytics for insurers, highlighting over 4.5 million U.S. properties at high wildfire risk, particularly in California. The initiative supports NFPA's Outthink Wildfire™ program, emphasizing community resilience against wildfires through comprehensive data sharing.
JobNimbus has announced a significant integration with Xactware, enhancing its project management software for contractors. This collaboration allows users to import claims estimate data from Xactware's Xactimate® directly into JobNimbus, thus preventing data-entry errors and improving efficiency. The integration simplifies various processes for contractors, enabling them to convert estimates into work orders and invoices with a single click. Both companies emphasize the importance of innovation to support restoration professionals in managing their workflows effectively.
Verisk (Nasdaq: VRSK) has launched the Cyber Risk Navigator, a sophisticated cyber risk modeling platform aimed at helping insurers understand the financial impact of cyber incidents. This SaaS solution features a comprehensive suite of models to estimate potential insured cyber losses and includes advanced ransomware modeling. Additionally, the platform leverages a Cyber Industry Exposure Database containing data on over 100 million organizations, supporting enhanced risk management decision-making.
Verisk (Nasdaq:VRSK) has launched the EHR Triage Engine Plus, utilizing natural language processing and artificial intelligence to enhance life insurance underwriting. This automated solution can condense lengthy electronic health records into concise 1- to 2-page summaries, improving efficiency for insurers. Developed with input from SCOR, it aims to streamline the underwriting process by providing key risk insights quickly. The technology integrates easily with existing systems, potentially transforming life insurance workflows and enhancing customer experience.
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Verisk (Nasdaq:VRSK) reported first-quarter 2021 results with consolidated revenues of $726.1 million, a 5.3% increase. Net income attributable to Verisk was $168.6 million, down 1.8%. Adjusted EBITDA rose 8.7% to $345.5 million. Diluted EPS decreased 1.0% to $1.03, while diluted adjusted EPS increased 5.1% to $1.23. The company generated $448.7 million in net cash from operations, a 23.7% year-over-year increase. A cash dividend of 29 cents per share was paid, and $100.0 million was used for share repurchases. Verisk highlighted growth in the insurance segment despite challenges from COVID-19.
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