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, Inc. (Nasdaq: VRSK) is frequently featured in news coverage as a strategic data analytics and technology partner to the global insurance industry. Company announcements often highlight new products, collaborations, and financial results that affect underwriting, claims, and risk management across the insurance ecosystem. Verisk’s news releases consistently describe how its data analytics, software, and scientific research support insurers in improving operating efficiency, underwriting and claims outcomes, fraud detection, and decision-making on global risks such as climate change, extreme events, sustainability, and political issues.
News about Verisk commonly includes product launches and enhancements, such as the introduction of Verisk Commercial Rebuild in the U.K. to help assess rebuild values for small- to mid-market commercial properties, and the launch of an ISO Pet Insurance Line of Business program in the U.S. that provides policy forms, rating rules, and loss costs for pet health insurance. These stories illustrate how Verisk develops tools for specific lines of business and geographies within the insurance sector.
Another major category of coverage involves strategic collaborations and partnerships. Recent examples include expanded collaboration with KYND to integrate cyber risk intelligence into Verisk’s Rulebook platform, a collaboration with Carpe Data to bring injury claim insights into the Verisk ClaimSearch fraud detection platform, and a partnership with Jopari Solutions to embed Verisk’s AI-powered medical record review capabilities into electronic medical billing workflows. Such news items show how Verisk works with other organizations to embed its analytics into existing insurance workflows.
Verisk news also features catastrophe and extreme event analysis, such as reports from its Extreme Event Solutions group estimating insured losses from major hurricanes and explaining the drivers of damage. In addition, the company regularly issues financial results and capital markets updates, including quarterly earnings, credit agreements, and debt offerings or redemptions related to acquisitions. Investors and industry professionals who follow VRSK news can expect a mix of product developments, partnerships, catastrophe analyses, and financial disclosures that reflect Verisk’s role in the global insurance industry.
Verisk (Nasdaq: VRSK) announced that its president and CEO, Lee Shavel, has been appointed to the Federal Advisory Committee on Insurance (FACI). FACI advises the Federal Insurance Office within the U.S. Department of the Treasury on monitoring the insurance industry. The committee is to 25 members, including industry leaders, regulators, academics, and consumer advocates.
Shavel expressed his commitment to bringing Verisk's perspective to FACI, emphasizing the importance of a healthy insurance market in the face of evolving risks and increasing weather catastrophes. Under his leadership, Verisk has focused on partnering with the global insurance industry to enhance resilience. Shavel has expanded insurance ecosystem partnerships, invested in new datasets and emerging technologies like AI, and promoted industry collaboration.
Verisk (Nasdaq: VRSK) estimates that insured industry losses for Hurricane Milton will range between USD 30 billion to USD 50 billion. This estimate covers onshore property losses due to wind, privately insured storm surge, and precipitation-induced flood losses from Milton's landfall in Florida. The majority of the insured loss is attributed to wind damage.
Milton rapidly intensified from a Category 1 to a Category 5 hurricane in less than 24 hours, reaching peak intensity with 180 mph winds and a minimum central pressure of 897 mb. The hurricane made landfall in Siesta Key and South Sarasota as a Category 3 storm, causing significant flooding, storm surge, and wind damage across Florida's Gulf Coast and inland areas.
The estimate includes losses to residential, commercial, and industrial properties, as well as automobiles. It does not include losses covered by the National Flood Insurance Program, litigation-related losses, or damage to infrastructure and uninsured properties.
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced it will report its fiscal third-quarter 2024 financial results on Wednesday, October 30, 2024, before the market opens. The press release and accompanying financial information will be available on the Verisk investor website.
The company's management team will host a live audio webcast to discuss the results and business highlights on the same day at 8:30 a.m. ET. Interested parties can access the webcast through the Verisk investor website or via dial-in numbers provided for U.S./Canada and international participants. A replay of the webcast will be available for 30 days on the investor website and through a conference call number for U.S. and Canada participants.
Verisk (Nasdaq: VRSK) estimates industry insured losses for Hurricane Helene in the U.S. will range between USD 6 billion to USD 11 billion, excluding NFIP losses. Helene made landfall on September 26 near Perry, Florida as a Category 4 hurricane with maximum sustained winds of 140 mph, becoming the strongest hurricane to hit the Big Bend region in recorded history.
The hurricane caused significant damage along Florida's Gulf coast and into Georgia, with record storm surge and rainfall in some areas. The impact was similar to 2023's Hurricane Idalia but with a larger storm surge footprint. Substantial flooding occurred in North and South Carolina due to hurricane-induced precipitation.
Florida's building codes and flood insurance coverage were highlighted, noting that many affected areas may have insufficient flood insurance. Verisk is also monitoring Hurricane Milton, forecast to make landfall in Florida on October 9.
Verisk (Nasdaq: VRSK) has announced the U.S. launch of Whitespace, an all-in-one digital platform for the global (re)insurance market. This expansion follows Whitespace's success in the London market, where nearly 170,000 lines have been written in 2024, more than triple the amount in 2022.
Whitespace connects brokers, underwriters, and MGAs in the excess and surplus (E&S) and specialty insurance markets, supporting the entire (re)insurance lifecycle. The platform addresses key business issues like slow processes and inefficiencies, enabling clients to focus on value-added tasks.
Benefits of Whitespace include:
- Operational efficiency and digital distribution
- Actionable insights through Verisk's predictive analytics
- Intuitive user experience with real-time communication
The U.S. E&S market reached over $115 billion in direct premiums written in 2023, highlighting the segment's growing significance and the need for digital solutions in the evolving insurance ecosystem.
Verisk's Extreme Event Solutions group estimates that insured industry losses from the September 2024 flooding in Czechia, Poland, and Austria will range from EUR 2 billion to EUR 3 billion. The event, caused by a Vb weather system, resulted in extensive property damage across several European nations. In Poland, over 11,500 residential buildings and 6,000 agricultural and commercial buildings were affected. The Czech Insurance Association reported over 60,000 claims totaling approximately EUR 770 million in insured losses. Austria's Lower Austria region experienced catastrophic impacts, with floodwaters reaching levels seen only once in 1,000 years on average.
The estimates include insured physical damage to property, additional living expenses, and business interruption claims. Insurance coverage varies by country, with Austria and Czechia having higher flood insurance take-up rates compared to Poland.
Guidewire (NYSE: GWRE) has announced the appointment of Mark Anquillare to its Board of Directors, effective September 23, 2024. Anquillare, a veteran P&C insurance analytics leader, brings deep industry expertise to Guidewire's board. He previously served as president and chief operating officer of Verisk Analytics (Nasdaq: VRSK) until January 2023, and was Verisk's CFO from 2007 to 2016, leading the company through its 2009 IPO.
Michael Keller, chairman of Guidewire's board, expressed enthusiasm about Anquillare's appointment, highlighting the company's position as a trusted platform for P&C insurers globally. Keller emphasized Guidewire's focus on embedding data, analytics, and AI throughout insurers' core operations to drive smarter risk and claims decisions. Anquillare's experience is expected to provide valuable insight as Guidewire pursues this mission.
Verisk's 2024 Global Modeled Catastrophe Losses Report reveals that the average annual loss (AAL) from global natural catastrophes has reached a new high of $151 billion, with non-crop losses accounting for $119 billion. The report, released by Verisk's Extreme Event Solutions business, highlights an average exposure growth of 7.2% over the past five years, driven by new construction and inflation.
Key factors contributing to the rise in global insured natural catastrophe losses include:
- Rapid urban expansion and exposure growth
- Impacts of climate change and variability
- Increasing frequency of events
- Economic and social inflation
The report emphasizes the need for the insurance industry to prepare for large loss years and manage risks effectively. Climate change is expected to play a more significant role in the coming decades, currently accounting for approximately 1% of the annual increase in losses.
Verisk and APCIA report that the U.S. insurance industry is showing signs of recovery in the first half of 2024. Key highlights include:
- Estimated gains of $95 billion, or $45 billion when adjusting for one insurer's capital gains
- Underwriting income improved from a $22.6 billion loss in 1H2023 to a $4.7 billion gain in 1H2024
- Premiums written increased to $463 billion, up from $420 billion in 1H2023
- Combined ratio improved to 97.6% from 104.2% in 1H2023
- Policyholders' surplus grew to $1,070 billion from $1,014 billion at the end of 2023
Despite these improvements, the industry faces ongoing challenges from inflation, natural catastrophes, and emerging risks like cyber threats. The recovery is still incomplete when adjusted for inflation, and the upcoming hurricane and wildfire seasons pose potential risks.
Verisk and APCIA report that the U.S. insurance industry is showing signs of recovery in the first half of 2024. Key highlights include:
1. Half-year 2024 gains estimated at $95 billion, with adjusted gains of $45 billion
2. Underwriting income improved from a $22.6 billion loss in 1H2023 to a $4.7 billion gain in 1H2024
3. Premiums written increased to $463 billion, up from $420 billion in 1H2023
4. Combined ratio improved to 97.6% from 104.2% in 1H2023
5. Policyholders' surplus increased to $1,070 billion from $1,014 billion at the end of 2023
However, challenges remain, including inflation impacts, natural catastrophes, and evolving risks like cyber threats. The industry's recovery is still ongoing, with surplus not yet reaching inflation-adjusted 2022 levels.