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 a leading provider of data analytics solutions, serving various sectors including insurance, energy, healthcare, financial services, government, and risk management. Leveraging advanced technologies, Verisk collects and analyzes billions of records to deliver predictive analytics and decision support solutions. These solutions are pivotal in areas like fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk management, and data management.
Verisk is renowned for its comprehensive suite of tools designed to help insurance providers assess and price risks more accurately, optimize operational efficiency, and improve claim settlement processes. The company's contributory database and proprietary data assets form the backbone of these analytical tools.
Recently, Verisk has taken significant steps to enhance its offerings and expand its market presence. In March 2024, Verisk announced a strategic integration with Seek Now, a claims inspection service, to improve processing times for claim resolutions. This integration is designed to streamline the damage assessment process, offering adjusters increased flexibility and accuracy, leading to better claims outcomes and enriched policyholder experiences.
Further, Verisk launched its Next Generation Models (NGM) in April 2024, a suite of over 100 catastrophe models aimed at improving global catastrophe modeling and risk analysis. These models are part of Verisk's Touchstone platform, which aids insurers and reinsurers in evaluating risks and mitigating potential losses more effectively.
Financially, Verisk reported robust results for the first quarter of 2024, with consolidated revenues of $704 million, up 8%, and adjusted EBITDA of $380 million, a growth of 11.8%. The company's financial health is further reflected in its strategic repurchase of $200 million of common shares and a 15% increase in its cash dividend to 39 cents per share.
Verisk's commitment to innovation and efficiency is evident through its launch of new products, integration with advanced technologies, and continuous expansion of its global footprint. The company remains a vital partner in helping clients navigate complex risk landscapes, enhance resilience, and make informed decisions about global risks including climate change, extreme events, and political issues.
To stay updated with the latest news and developments about Verisk Analytics, visit www.verisk.com.
Verisk (Nasdaq: VRSK) has been named a 'Luminary' by Celent for its innovative anti-fraud solutions designed for property/casualty and life insurance sectors. The company excelled in the Celent Technical Capability Matrix, ranking among the top providers for Advanced Technology and Breadth of Functionality. Verisk's solutions, supported by ClaimSearch® with over 1.5 billion claims, leverage AI and automation to detect claims fraud efficiently, enhancing the claims experience for insurers.
Verisk (Nasdaq: VRSK) will announce its fiscal third quarter results on November 1, 2022, after market close. This report will detail financial highlights for the period ending September 30, 2022. The management team will host a live audio webcast on November 2, 2022, at 8:30 a.m. EST to discuss these results and provide business updates. Investors can access the press release and webcast on the Verisk investor website. A replay will be available for 30 days post-event.
Join former U.S. Secretary of Energy Dan Brouillette and leaders from various sectors at the upcoming Energy & Natural Resources Summit: Americas 2022.
Scheduled for November 3 in Houston, the summit will address critical energy market trends amidst rising oil, gas, coal, and metal prices.
Key discussions will include the global energy crisis, opportunities in low-carbon technologies, and the U.S.'s role in the new geopolitical landscape.
Verisk (Nasdaq: VRSK) has launched its Electric Vehicle Database for the UK and Ireland, addressing the rising demand for electric vehicles. This proprietary dataset includes over 175 technical attributes of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), aiding insurers and brokers in risk assessment and strategic decision-making. The database is accessible through Verisk’s Data Insight Hub, enhancing the efficiency of insurance services. Jonathan Guard, commercial director at Verisk, emphasizes the company's commitment to supporting the insurance industry amidst evolving technologies and regulations.
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.
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