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.
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.
Motorola Solutions (NYSE: MSI) has appointed Elizabeth Mann to its board of directors, effective Aug. 26, 2024. Mann brings nearly 20 years of leadership experience in finance, strategy, data analytics, and technology. She is currently the EVP and CFO of Verisk Analytics, Inc. (NASDAQ: VRSK), a leading global data analytics and technology provider. Previously, Mann held key positions at S&P Global and Goldman Sachs.
Greg Brown, chairman and CEO of Motorola Solutions, praised Mann's proven leadership in finance, risk management, technology, and analytics. Mann expressed her enthusiasm for joining the board during a period of growth and momentum, aiming to support value creation through innovation. Her extensive global experience and capital management expertise are expected to be valuable additions to the board.
J.B. Hunt Transport Services Inc. (NASDAQ: JBHT) has been awarded Verisk CargoNet's Best in Cargo Security recognition for 2023. This accolade acknowledges J.B. Hunt's exceptional preventive measures, program engagement, and response preparedness in addressing cargo theft. The company achieved a remarkable 99.99% theft-free rate for full loads in 2023.
J.B. Hunt has implemented advanced technology and analytics to detect carrier fraud and prevent cargo theft. The company has also established a 24/7 Security Operation Center for monitoring high-value and high-risk freight. Additionally, J.B. Hunt has enhanced its teams specializing in supply chain security, investigations, and asset protection.
This recognition comes at a time when organized cargo theft has become a major concern for shippers. According to CargoNet, there was a 59% increase in cargo theft events across the United States and Canada in 2023, with an estimated total loss of $331.9 million.
Verisk's Chief Human Relations Officer, Sunita Holzer, has been elected to Liberty Science Center's Board of Trustees. This nonprofit learning center's mission aligns with Verisk's core values of learning and caring, reflecting the company's commitment to innovation and research. Holzer brings nearly 30 years of enterprise-level business leadership experience to the board as an Advisory Trustee.
At Verisk, Holzer leads HR strategy for about 7,500 team members in over 20 countries. The company supports STEM education through various initiatives, including its Data Science Excellence Program. Verisk's workforce includes professionals with backgrounds in predictive analytics, data sciences, mathematics, and engineering. Over the past five years, Verisk employees have contributed to 188 published research papers on topics such as environmental research and catastrophic weather.
Verisk (VRSK) reported strong Q2 2024 financial results, demonstrating the strength of its subscription-based model and cost discipline. Key highlights include:
- Consolidated revenues up 6.2% to $717 million
- Income from continuing operations up 50.7% to $308 million
- Adjusted EBITDA up 8.8% to $397 million
- Diluted EPS up 52.5% to $2.15
- Diluted adjusted EPS up 15.2% to $1.74
- Free cash flow up 14.3% to $154 million
The company maintained its 2024 financial guidance and announced a 15% increase in quarterly dividend to $0.39 per share. Verisk's performance reflects strong subscription growth and operating leverage, positioning it well for future growth opportunities.
Verisk Maplecroft (Nasdaq: VRSK) has launched Asset Risk Exposure Analytics (AREA), a new data solution assessing location-specific risks to assets of over 50,000 publicly traded companies. AREA combines locations of 4 million+ corporate assets with geospatial risk data, featuring 85 individual risk issues mapped to subnational levels. The solution covers 18 political risks, 30 human rights issues, 18 climate hazards, and 19 environmental risks.
AREA aims to reveal hidden vulnerabilities and strengths in global operations of publicly listed firms, providing investors with a comprehensive view of corporate exposure to global climate, environmental, human rights, and political risks. The data is available through an API and is applicable to all equity investing, including sustainable and impact finance.
Verisk (Nasdaq: VRSK) estimates that Hurricane Beryl will cause industry insured losses to onshore property from wind in the U.S. ranging between USD 2 billion to USD 3 billion. Beryl, which formed on June 28, became the earliest Category 5 hurricane on record in the Atlantic before making landfall near Matagorda Bay, Texas on July 8 as a Category 1 hurricane with 80 mph winds.
The storm caused widespread power outages affecting nearly 3 million households in Texas, with over 2.2 million in Harris County alone. These outages may lead to significant claims due to food spoilage, mold, and losses to additional living expenses and business interruption coverages. The estimates exclude various factors such as storm surge losses, National Flood Insurance Program payouts, and litigation-related losses.