Welcome to our dedicated page for Verisk Analytics news (Ticker: VRSK), a resource for investors and traders seeking the latest updates and insights on Verisk Analytics stock.
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.
Commerce Signals, a Verisk Financial company, launched the Covid-19 Consumer Spending Impact Tracker to provide insights into U.S. consumer spending behavior across various retail categories. The tracker offers weekly data on purchases and returns, including online and in-store comparisons, and can be analyzed at the county level. The service uses a dataset encompassing transactions from over 40 million U.S. households, revealing notable shifts in spending patterns during the pandemic. For instance, some retail categories show significant recovery trends.
Verisk (Nasdaq:VRSK) is offering complimentary access to its Coverage Verifier-Verification as a Service (CV-VaaS) for four months during the COVID-19 pandemic. Starting June 1, 2020, lenders can utilize the digital platform to efficiently verify insurance coverage for vehicles and mortgages, enhancing processing speed. CV-VaaS automates verification by connecting with Verisk’s databases, allowing insurers to establish portals for lenders. Jeremy Cook emphasized the tool's importance in improving operational efficiency amidst pandemic pressures.
Verisk's Xactware has launched XactRemodel GO, a mobile app aimed at helping contractors and remodelers create bids swiftly on-site. Initially released in a limited capacity, the app garnered over 28,000 downloads. It allows users to verify labor and material pricing, generate immediate estimates, and track bid statuses using a robust pricing database covering over 10,000 items across 460 markets in North America. Xactware, with over 30 years of experience, aims to enhance efficiency in the remodeling industry.
Verisk (Nasdaq: VRSK) and Geotab announced the launch of the Verisk Data Exchange™ Add-In on the Geotab Marketplace. This integration allows Geotab's fleet customers to share telematics data with participating insurers, enhancing underwriting and risk assessment capabilities. Saurabh Khemka, President of ISO Commercial Lines, noted that this extends their tools in the commercial auto market, while Geotab's Louis De Jong emphasized improved returns on investment for customers. The Verisk Data Exchange processes data from over 6.2 million vehicles daily, providing actionable insights for risk management.
Verisk (Nasdaq: VRSK) announced that the Texas Department of Insurance (TDI) will utilize its Mozart Form Composer® to enhance the regulatory review of property/casualty forms filed by insurers. This collaboration, coordinated with the National Association of Insurance Commissioners (NAIC), expands Mozart's market reach from insurers to regulators. With over 26,000 forms filed last year, TDI aims to streamline form filing and review processes. Verisk's senior VP stated that this development could significantly improve the approval process for insurers, meeting market demands efficiently.
Verisk (Nasdaq: VRSK) announced its 2020 Annual Meeting of Shareholders will be conducted via a live audio webcast on May 20, 2020, at 4:00 p.m. E.T. This decision is a precautionary measure due to the COVID-19 pandemic, prioritizing the health of employees and shareholders. In-person attendance is not permitted, but shareholders can join virtually, submit questions, and vote using a 16-digit control number from their proxy materials. An official notice will be filed with the U.S. Securities and Exchange Commission regarding the new meeting format and time.
The U.S. property/casualty insurance industry showed strong results in 2019 with net income increasing to $61.4 billion from $59.6 billion in 2018. Underwriting gains rose to $3.7 billion, recovering from losses the previous year, and policyholders' surplus reached a record $847.8 billion.
However, the sector faces challenges in 2020 due to COVID-19, including increased unemployment, reduced business activity, and potential capital losses from stock market declines. Insurers are returning auto premiums and monitoring legislative changes that could impact financial stability.
Verisk reported first-quarter 2020 financial results with consolidated revenues of $690 million, representing a 10.4% increase year-over-year. Net income grew by 27.8% to $172 million, while diluted GAAP EPS climbed 28.4% to $1.04. Adjusted EBITDA also rose 9.0% to $318 million.
Despite a 3.5% decline in free cash flow to $310 million, the company maintained strong shareholder returns with $218 million returned through dividends and share repurchases.