Verisk Analytics, Inc. - VRSK STOCK NEWS

Joyn Insurance is leveraging Verisk’s advanced analytics to improve the insurance experience for brokers serving small and medium-sized businesses. Through this partnership, Joyn aims to enhance underwriting efficiency and expedite product delivery. Verisk’s comprehensive underwriting solutions provide access to critical data on over 12.2 million U.S. properties, aiding in reliable pricing and risk assessment. Joyn, which launched in July 2021, plans to expand its offerings in September with general liability coverage.

Verisk (Nasdaq: VRSK) has appointed Sunita Holzer as the new executive vice president and Chief Human Resources Officer. With over 30 years of HR experience, Holzer will lead the company's global HR strategy. Her previous roles include CHRO at Realogy and Chubb Insurance. CEO Scott Stephenson highlighted that Holzer's leadership comes at a critical time for Verisk, emphasizing her expertise in organizational development. Holzer aims to strengthen Verisk's inclusive culture and embrace the challenges associated with the company’s innovations across various industries.

Verisk Analytics (Nasdaq: VRSK) has been awarded the 2021 North American Company of the Year Award by Frost & Sullivan for its innovative telematics data exchange technology. The Verisk Data Exchange connects over 8 million telematics-equipped vehicles, enhancing insurance underwriting and offering personalized premiums for consumers. This platform supports both personal and commercial auto insurance and allows insurers to assess risks accurately while streamlining processes. With partnerships among major OEMs like Ford and GM, Verisk aims to scale its connected services as the market grows.

Verisk has launched a new API for Benchmark, its weather analysis solution, enhancing the efficiency of insurance claims and underwriting teams. This API integrates detailed analytics regarding hail, wind, lightning, and hurricane events directly into insurers' internal systems. It aims to streamline workflows and risk evaluations, allowing insurers to access real-time weather data for better decision-making. The new service promises reduced loss adjustment costs and faster claims processing, ultimately improving customer service and operational efficiency.

Verisk reported Q2 2021 revenues of $747.5 million, a 10.1% increase year-over-year, with a 6.3% organic constant currency growth. However, net income fell 14.0% to $154 million, while diluted EPS declined 13.0% to $0.94. Adjusted EBITDA grew 6.5% to $370.8 million. The company maintained a cash dividend of $0.29 per share and repurchased $150 million in shares. Despite challenges in the Financial Services segment, Verisk's insurance revenues grew significantly, reflecting strong demand and recovery from pandemic impacts.

Verisk (Nasdaq:VRSK) has announced a new integration between its claims management solution, XactAnalysis, and the Duck Creek Platform. This integration facilitates seamless claims data transfer, enhancing workflow efficiency for insurers. Clients can benefit from the integration immediately, bypassing lengthy customization processes. The announcement reflects a commitment to improving claims experiences for insurers and policyholders alike, in a competitive insurance landscape.

AIR Worldwide, a Verisk (Nasdaq:VRSK) business, estimates that the recent flooding in Germany could lead to insured losses approaching EUR 5 billion. The flooding, caused by low pressure system 'Bernd' from July 13 to 18, primarily affected the Rhineland-Palatinate and North Rhine-Westphalia regions, resulting in significant damages to homes and infrastructure.

The flood's impact has extended to other communities and could delay restoration efforts for weeks or months, potentially affecting loss inflation.

Verisk's AIR Worldwide has unveiled updated Earthquake and Typhoon Models for Japan, aimed at improving risk assessment for insurance companies. These models, reflecting recent seismic data and previous typhoon impacts, enhance understanding of potential damages from natural disasters. The earthquake model incorporates detailed data from the Tohoku earthquake, while the typhoon model builds on analysis from significant storms in 2018 and 2019, leading to estimated insured losses of around USD 30 billion. These tools are integral to catastrophe risk management.