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.
Lockton Re has partnered with Verisk (Nasdaq: VRSK) to develop new agricultural (re)insurance products using Verisk's U.S. crop risk modeling solutions. The collaboration will leverage Verisk's Multiple Peril Crop Insurance and Crop Hail Model to assess climate change impacts on crop production and potential losses. The models provide comprehensive insights through 10,000-year stochastic event catalogs, considering factors like crop genetics, yields, prices, weather data, and policy conditions. This initiative aims to advance risk management in the U.S. crop insurance market, where indexed insurance products represented 12.4% of MPCI premium in 2023.
Verisk (Nasdaq: VRSK) has launched LOCATION® Property Protection Score™ (PPS), a new solution providing address-level fire protection scoring for insurers. Building upon their existing LOCATION® Public Protection Classification® (PPC) system, used by over 250 insurers, PPS enhances fire protection assessment with features like actual drive times based on traffic patterns, property-specific characteristics, and detailed water distance measurements. This development comes as U.S. fire departments responded to approximately 1.5 million fires in 2022, causing an estimated $18 billion in property damage, with house structure fires occurring every 88 seconds.
Baron Capital hosted its 31st Annual Baron Investment Conference at the Metropolitan Opera House, attracting over 5,000 shareholders and clients. The event featured presentations from CEOs of key portfolio companies, including MSCI, Verisk Analytics, Red Rock Resorts, and SpaceX. The conference theme was 'building legacy,' focusing on investments that enable middle-class Americans to participate in the country's growth. The event included entertainment performances by Michael Bublé, Carrie Underwood, and others, plus Tesla Model S vehicles as door prizes and displays of Tesla's Optimus robot.
Verisk (VRSK) reported strong Q3 2024 financial results with consolidated revenues of $725 million, up 7.0% year-over-year. Income from continuing operations increased 17.4% to $220 million, while adjusted EBITDA grew 9.4% to $401 million. Diluted EPS rose 19.4% to $1.54, and diluted adjusted EPS increased 9.9% to $1.67. The company demonstrated robust cash flow with operating cash flow up 18.4% to $296 million. Verisk completed a $400 million accelerated share repurchase program and increased its quarterly dividend by 15% to 39 cents per share.
Verisk (Nasdaq: VRSK) has launched its Statistical Services accelerator integration with Guidewire, designed to automate critical data extractions for insurers' compliance processes. This new technology aims to enhance operational efficiency and consistency in meeting expanding data reporting requirements. Key features include:
1. Configurable solution for extracting event-driven data from Guidewire PolicyCenter and ClaimCenter
2. Direct connection to Verisk's statistical reporting platform
3. Leverages Verisk's expertise for regulatory obligations
The accelerator addresses the industry need to modernize compliance and reporting processes within an insurer's ecosystem. It is the latest addition to over 40 Verisk integrations available on Guidewire Marketplace, supporting underwriting and claims across the insurance industry.
Scope Technologies, a leading provider of exterior building measurements, has integrated its RoofScope reports with Verisk's Xactimate system. This integration allows property and casualty insurers, adjusters, and contractors to access RoofScope reports directly within Xactimate and XactAnalysis. RoofScope-generated sketches and detailed roofing measurements can now be sent directly into Xactimate for estimate writing.
The integration aims to reduce processing time and facilitate remote claim services, supporting a smoother claims experience for insureds. Scope Technologies is sponsoring a pilot program for users to experience the accuracy and speed of the RoofScope-Xactimate integration. This collaboration enhances workflow and accuracy for industry professionals, offering reliable throughput during peak events or when other providers lack necessary imagery.
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.