Verisk, a strategic data analytics and technology partner to the global insurance industry, has announced that KatRisk has agreed to join the Verisk Model Exchange as Verisk continues to develop its open catastrophe risk modelling ecosystem.
Verisk said the move is aimed at increasing access to third-party catastrophe risk insights for insurers and reinsurers, as climate-related hazards and changing regulatory requirements continue to raise expectations for clear and supportable risk assessment.
The company explained that its Model Exchange platform provides a way to assess multiple independent perspectives of catastrophe risk within a single governed, vendor-neutral system.
The platform is built on open standards so that each model operates through a consistent financial engine, supporting comparability across results.
According to Verisk, the platform includes more than 20 third-party model providers and over 400 peril models, enabling users to compare models side by side and apply standardised analysis to inform underwriting, portfolio management, capital planning and regulatory processes.
“Building resilience in the face of growing catastrophe risk requires transparency, choice, and the ability to understand uncertainty,” added James Lay, assistant vice president of Verisk Model Exchange, Verisk Catastrophe and Risk Solutions.
“By welcoming KatRisk to the platform, we’re working to expand an open ecosystem that gives insurers, brokers and reinsurers access to broader views of risk, enabling more confident and defensible decisions as they navigate increasingly complex markets.”
