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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.
Verisk, a leading data analytics provider, has been recognized as a Great Place to Work for the sixth consecutive year, based on employee feedback. A survey indicated that 83% of employees feel it’s a great workplace, significantly higher than the 59% average in U.S. companies. Verisk emphasizes professional development, wellness programs, and volunteer initiatives, contributing to a positive workplace culture. Additionally, Verisk has received similar certifications in the UK, Spain, and India, highlighting its commitment to an inclusive and supportive work environment.
Verisk (NASDAQ: VRSK) has been certified as a Great Place to Work for the second consecutive year in the UK and Spain. This recognition is based on employee feedback regarding workplace culture, with 89% of employees feeling welcomed. The company emphasizes employee well-being through various wellness programs and encourages community involvement via Volunteer Week. Verisk continues to expand its certifications globally, affirming its commitment to a diverse and inclusive work environment.
Pioneer State Mutual Insurance Company is enhancing its property underwriting by utilizing Verisk's LOCATION suite, which provides detailed risk analytics for fire protection across Michigan. This integration leverages Verisk's Public Protection Classification program to assess the firefighting capabilities of local communities more accurately. The PPC data includes over 1,000 unique data elements, improving risk prediction up to nine times more than traditional methods. This digital transformation aims to better serve customers and strengthen Pioneer State Mutual's competitive market position.
Elena Belletti has been appointed as the Head of Carbon Research at Wood Mackenzie, a Verisk business (Nasdaq: VRSK), within its Energy Transition Practice. She joins from the United Nations, where she focused on sustainable development and carbon pricing. Based in Madrid, Belletti will lead a team to assist clients in mitigating carbon emissions and navigating carbon mechanisms. This expansion aligns with increasing client demand post-COP26 for insights into carbon markets and emissions reduction strategies.
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Wood Mackenzie, a Verisk business (VRSK), announces the launch of its Grid Edge Innovation Series, starting from December 2 to December 16, 2021. This virtual event will feature experts discussing critical topics related to electrification and decarbonization within the energy sector. Key themes include grid digitalization, DER aggregation, and sustainable electrification, with notable guest speakers from various leading organizations. An in-person networking session will occur on December 9, ensuring compliance with COVID-19 safety measures.
Argus, a Verisk business, conducted a study analyzing 12.4 billion consumer transactions, revealing the pandemic's significant impact on spending patterns. The research showed a 16% drop in consumer spending in March 2020 and a 38% decline in April 2020. Recovery began in May, with essential spending rebounding faster than non-essential. High-risk consumers are recovering their non-essential spending quicker than expected. The study indicates that full recovery may not be achieved until early 2023, emphasizing the importance of understanding consumer behavior for lenders and policymakers.
Scepter announces a strategic collaboration with Atmospheric and Environmental Research (AER), a Verisk business, to enhance real-time air pollution monitoring. This partnership aligns with the ongoing COP26 summit, aiming to address climate challenges through advanced satellite technology. Scepter's CEO emphasizes AER's role in accelerating their methane detection system development, co-crafted with a Fortune 10 energy firm. The collaboration aims to deploy satellites and various sensors for accurate air quality assessments, highlighting the increasing demand for reliable environmental monitoring solutions amidst growing net-zero targets from major corporations.
Wood Mackenzie and Ball Corporation have partnered to enhance analytics for the energy sector. This collaboration combines Wood Mackenzie's extensive in-field monitoring network with Ball Aerospace's satellite data analytics. The aim is to deliver a near real-time overview of natural resources, responding to increasing customer demand for frequent data insights. By leveraging their respective expertise, they plan to create advanced datasets and analytics products to better serve their clientele.
Verisk and APCIA report a strong recovery for U.S. property/casualty insurers in H1 2021, with net income soaring to $37.5 billion, up from $24.3 billion in H1 2020. The annualized return on policyholders' surplus increased to 7.9%. Premium growth was notable, with earned premiums rising 5.3% to $329.1 billion. However, losses also climbed 6.9% to $229 billion. Despite challenges like climate change and rising claims, the industry benefits from an economic rebound and rising premiums.