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Verisk Analytics (VRSK) delivers data-driven solutions for risk assessment and operational optimization across insurance, energy, and financial sectors. This news hub provides investors and professionals with authoritative updates on corporate developments, strategic initiatives, and technological advancements.
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AIR Worldwide announced updated Tropical Cyclone and Earthquake Models for the Caribbean, enhancing risk assessments for insurers across 29 countries. These models integrate new data on seismicity and building codes to provide a detailed view of vulnerabilities and potential losses. The Tropical Cyclone Model incorporates advanced features for various businesses, while the Earthquake Model now includes tsunami and liquefaction risks. This update reflects AIR's commitment to improving resilience against natural disasters in the region, following significant past events like Hurricanes Maria and Irma.
The U.S. property/casualty insurance industry experienced a historic drop in surplus, declining by $75.9 billion in Q1 2020, totaling $771.9 billion. This downturn was driven by significant investment valuation losses amid the COVID-19 pandemic. Despite this, net income after taxes remained stable at $17.9 billion, and net written premiums rose by 6.2% to $164.4 billion. However, experts predict substantial changes in claims and insured exposures due to ongoing economic disruptions. Verisk and APCIA highlight that personal auto insurers have offered over $13 billion in rebates.
AIR Worldwide announced an updated Earthquake Model for Australia, following findings from Geoscience Australia's National Seismic Hazard Model that reduced the perception of seismic risk. The new model integrates historical data and updates from GA to enhance risk management solutions for the insurance sector. Key upgrades include a revised fault database, improved ground motion equations, and new vulnerability functions. Additionally, AIR released nine Extreme Disaster Scenarios to aid clients in stress testing potential impacts of rare yet plausible events. The model is available through Touchstone® and Touchstone Re systems.
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.
