Verisk Analytics, Inc. - VRSK STOCK NEWS

Verisk (Nasdaq: VRSK) announced the latest release of its ARC platform, enhancing cyber risk modeling capabilities. The updated ARC offers comprehensive models, including a new probabilistic systemic ransomware model, which simulates aggregated losses from major ransomware attacks such as WannaCry. Given that the economic loss from a significant ransomware event can exceed 15 billion USD, effective modeling is crucial for the insurance industry. Enhancements also feature an improved user interface, automated workflows, and extensive loss breakdowns, solidifying Verisk's position in the emerging cyber risk market.

Verisk (Nasdaq: VRSK) has launched the Life Risk Navigator, a cloud-based stochastic risk modeling platform aimed at the life insurance industry. This innovative tool provides extensive portfolio analytics to enhance risk selection, quantify mortality rate changes, and improve financial decisions. It combines robust modeling with insights into mortality trends, allowing insurers to optimize workflows. Key features include detailed mortality assessments and the ability to simulate causes of death by age and sex, improving pricing precision and profitability.

Verisk (Nasdaq:VRSK) has introduced a new homeowners endorsement through its ISO division, focusing on coverage for underground utility lines. This endorsement addresses damages from various causes, such as explosions and wear, which are often not covered by standard policies. Doug Caccese, president of ISO Personal Lines, highlighted the potential high costs of repairs related to these damages. Additionally, the endorsement includes coverage for temporary living expenses and loss of rental income while repairs are made.

AIR Worldwide announced the release of its Touchstone® 2020 software, enhancing exposure data quality through a premium international address-level geocoding feature from Precisely. This integration aims to improve risk estimation by providing accurate latitude and longitude coordinates, crucial for assessing the impact of extreme events on properties. Clients can now import geocoded data for better insurance and reinsurance decisions. The update also simplifies data transfer and workflow, along with introducing customizable vulnerability functions via Model Builder.

AIR Worldwide has updated its Hurricane and Inland Flood Models for the U.S. to enhance risk management for insurers. The updates include a new precipitation-induced flood risk module and improved hazard and vulnerability assessments using high-resolution terrain data. The Inland Flood Model now incorporates a 2D wave model for comprehensive flood risk analysis. Validation utilized nearly USD 70 billion in NFIP loss data. These models aim to provide insurers with a unified view of flood risks, ultimately allowing for profitable market expansions.

Verisk (Nasdaq: VRSK) will report its fiscal second quarter financial results on August 4, 2020, after market close. The announcement will be available on their investor website. A live audio webcast will follow on August 5, 2020, at 8:30 a.m. EDT, discussing the results and business highlights. Participants can access the event via the investor website or through dial-in numbers. Verisk is a leading data analytics provider focused on insurance, energy, and financial services, operating in 30 countries and part of the S&P 500 and Nasdaq 100 Index.

On July 13, 2020, AIR Worldwide, a Verisk business (Nasdaq: VRSK), announced that CNA has adopted its Touchstone catastrophe risk modeling platform. This transition aims to enhance CNA's underwriting process effectiveness across multiple business lines. Touchstone will now be accessed via the AIR Cloud, allowing for quicker hazard and loss analysis. The adoption of this technology is expected to improve workflow efficiency and productivity by enabling simultaneous modeling of multiple perils. Over 30 (re)insurance carriers have switched to AIR’s platform since 2013.

Verisk (Nasdaq: VRSK) has introduced a new Micro-Businessowners (Micro-BOP) insurance program aimed at small businesses, particularly those in the gig economy with fewer than five employees. The program provides tailored property and liability coverage, addressing the unique needs of home and shared workspace businesses. With the rise of micro-businesses, especially during recent economic shifts, this initiative allows insurers to better serve this growing sector. The Micro-BOP insurance is designed to facilitate the transition of these small enterprises as they scale up.

Verisk (Nasdaq: VRSK) partners with Nationwide to streamline usage-based insurance (UBI) for connected vehicle drivers. Now, drivers can share existing driving data to instantly determine eligibility for discounts, bypassing the monitoring phase of Nationwide's SmartRide program. This offers up to a 40% discount for safe driving. The integration with Verisk's Data Exchange enhances the quoting experience by providing real-time, insurance-ready information, eliminating the need for apps or devices. Verisk's platform processes data from over 6.4 million vehicles, aiding insurers in delivering tailored rates.