Verisk Analytics, Inc. - VRSK STOCK NEWS

Verisk (VRSK) has introduced the Building Identification Numbering System (BINS), creating unique identifiers for over 125 million properties across the U.S. This innovative system helps insurers and reinsurers evaluate property risks more accurately and efficiently, particularly for addresses with multiple buildings. By leveraging enhanced geolocation and data optimization, BINS aims to streamline underwriting processes and improve decision-making for risk assessment workflows. Verisk continues to enhance its position as a leader in data analytics for the insurance industry.

Verisk (Nasdaq: VRSK) estimates insured losses from Hurricane Ian could range between USD 42 billion and USD 57 billion. The majority of losses, estimated at USD 38 to 51 billion, are due to wind damage in Florida, with storm surge accounting for USD 3 to 5.5 billion. The report excludes losses from the National Flood Insurance Program, litigation, and uninsured properties, suggesting total losses could exceed USD 60 billion. Recovery efforts will face challenges due to rising demand for labor and materials.

Verisk (Nasdaq: VRSK) is collaborating with Vexcel Data Program to assist insurers in responding to the extensive property damage caused by Hurricane Ian. Vexcel will deploy fixed-wing aircraft equipped with advanced cameras to gather high-resolution aerial imagery. This imagery will be integrated into Verisk's Respond MAP platform, which utilizes AI and geospatial technology to assess damage and streamline recovery efforts. The initiative aims to provide real-time analytics to help insurers identify damages and connect with affected individuals.

Verisk Extreme Event Solutions has released its 2022 Global Modeled Catastrophe Losses Report, projecting average annual insured losses of $123 billion, compared to $74 billion over the past decade. This increase is attributed to heightened exposure values and inflation-related repair costs. The report indicates a more than 40% chance of exceeding $100 billion in average losses over the next five years, with at least a 50% chance of a single year exceeding $200 billion in insured losses within the next decade. Key drivers include climate change and urban development in high-risk areas.

Verisk (Nasdaq: VRSK) partners with InsurTech startup Blitz to enhance insurance accessibility for cannabis and other emerging businesses. Blitz employs Verisk's advanced analytics, automated rating updates, and specialized policy language to streamline the insurance process. Key tools include LightSpeed for data integration, ISO Electronic Rating Content for updated loss costs, and tailored insurance programs for cannabis businesses. This initiative aims to improve operational efficiency and customer experience in the specialty insurance market.

JERSEY CITY, N.J., Sept. 19, 2022 – Verisk enhances its Xactimate solution for property insurance adjusters by integrating Yembo's AI-powered virtual survey technology. This allows desk adjusters to create 3-D models of interior damage from onsite videos, improving claims efficiency without physical inspections. Insurers can now handle more claims confidently and engage policyholders better. Verisk remains a key player in the property insurance market, providing vital tools for cost reduction and shortened claims cycles.

Verisk (Nasdaq: VRSK) has introduced the Profitability Advisor as part of its MarketStance Commercial Insight platform to assist insurers in navigating economic uncertainty. This tool provides insights into U.S. profitability across core insurance lines—auto, general liability, property, and businessowners—using up to ten years of loss ratio data from Verisk's extensive database. By allowing analysts to focus on profitable growth without additional modeling resources, the Profitability Advisor enhances strategic decision-making for insurance professionals.

Verisk has announced an expanded integration of its 360Value replacement cost estimates with Duck Creek’s Content Exchange, enhancing homeowners insurers' ability to access up-to-date, localized data on reconstruction costs amid supply chain challenges and inflation. The integration aims to improve the underwriting process by providing timely cost estimates, leveraging robust claims data. This solution supports insurers throughout the policy lifecycle, fostering informed decision-making.

Wood Mackenzie will host the Energy & Natural Resources Summit: EMEA 2022 on September 27 in London, focusing on the evolving energy market amid geopolitical changes. Key industry leaders, including executives from QatarEnergy, Anglo American, and Bank of America, will discuss crucial themes such as the Energy Trilemma, commodities outlook, and strategies for a low-carbon future. The event combines in-person and virtual formats to encourage networking among renewable developers, investment entities, and policymakers.