Verisk Analytics, Inc. - VRSK STOCK NEWS

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.

U.S. property/casualty insurers' net income rose to $20 billion in Q1 2021, up from $17.9 billion a year earlier, driven by increased capital gains and modest premium growth. However, the combined ratio deteriorated to 96.1%, signaling worsening underwriting profitability, with a notable increase in catastrophe losses to $16.3 billion due to severe winter storms in Texas. Insurers reported a 46.7% drop in net underwriting gains compared to Q1 2020, highlighting ongoing challenges alongside improved industry surplus.

Wood Mackenzie is hosting the North America Power & Renewables Conference on July 27-28 to discuss President Biden’s ambitious climate goals, including a 50% reduction in greenhouse gas emissions by 2030.

The conference will feature executives from the U.S. Department of Energy, Goldman Sachs, and other organizations to explore legislative changes under the CLEAN Future Act, aiming for a clean energy standard that mandates 100% clean electricity by 2035.

Key sessions will include discussions on renewable project finance, decarbonization strategies, and infrastructure needs.

Verisk (Nasdaq:VRSK) will announce its fiscal second quarter results for the period ending June 30, 2021, on August 3, 2021, post-market. A webcast discussing the results will occur on August 4, 2021, at 8:30 a.m. EDT. Interested parties can access the event through the Verisk investor website. Verisk, providing data analytics solutions across various sectors, celebrates its 50th anniversary, serving over 70% of the FORTUNE 100 companies. The company emphasizes its commitment to an inclusive culture and has received certification from Great Place to Work.

Xactware, a Verisk (Nasdaq: VRSK) business, reported significant shifts in property claims processing due to the COVID-19 pandemic and natural disasters in 2020. The report indicates a total of 6.97 million claims resulting in over $68 billion in property losses. Virtual claim inspections surged by 228%, with over 140,000 claims processed digitally. The report provides insights into property insurance trends, reconstruction cost changes, and common material prices, emphasizing the effectiveness of digital tools in adaptation during the pandemic.

Verisk (Nasdaq:VRSK) has launched the LightSpeed Personal Auto Accelerator, enabling auto insurers to provide faster one-step quoting experiences in under two minutes. This solution, validated by Guidewire, uses predictive analytics to offer real-time data on drivers, vehicles, and relevant coverages, enhancing the underwriting process. Key benefits include improved conversion rates, increased customer satisfaction, and reduced fraud risk. Verisk aims to meet rising digital expectations from consumers and streamline the quote process for insurers.