Reinsurance News
Verisk
Verisk is a leading strategic data analytics and technology partner to the global insurance and reinsurance industry.
Read our Verisk insurance or reinsurance news and analysis below.
Verisk sees rise in net income from continuing operations in Q4
1st March 2023
Insurance and analytics provider Verisk has reported income from continuing operations of $215.8 million for the fourth quarter of 2022, a rise of more than 82% from the $118.3 million reported a year earlier. Verisk attributes the year-on-year rise in net income from continuing operations to an impairment loss incurred in ... Read the full article
Just ~5% of $20bn+ in economic losses from Turkey quakes to fall to re/insurers: Verisk
14th February 2023
The devastating M7+ earthquakes that occurred in Turkey on February 6th, 2023, are expected to drive economic losses of more than $20 billion, of which insurers and reinsurers will cover more than $1 billion, according to Verisk's Extreme Event Solutions. At least 37,000 lives have been lost following the M7.8 earthquake, ... Read the full article
Verisk expands claims ecosystem through integration with AI firm, Tractable
9th February 2023
Tractable, an industry-leading applied AI firm is teaming with leading global data analytics provider, Verisk, to offer AI-powered estimates for property damage. By integrating with Tractable, which uses computer vision technology to visually assess damages to homes, Verisk will be able to help accelerate insurance claims processing and home repairs. Launched last ... Read the full article
Verisk completes sale of its energy business, Wood Mackenzie to Veritas
3rd February 2023
Global data analytics provider Verisk has completed the sale of its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion. Plans for the sale were originally announced in October 2022. Over the last year, Verisk has also been shifting its focus towards becoming a pure-play re/insurance business. This sale therefore ... Read the full article
Munich Re teams with Verisk to upscale human rights due diligence
19th January 2023
Reinsurance giant Munich Re has selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence across the entire enterprise. By using Verisk Maplecroft’s world leading Human Rights Risk Indices, which have the ability to identify exposure to 31 civil, political and labour rights risks at ... Read the full article
Verisk to acquire Sweden-based insurtech Mavera
22nd December 2022
Global data analytics provider Verisk, has agreed to acquire Mavera, a Sweden-based insurtech firm with a strong regional presence and established customer base for its personal injury claims management platform. According to the announcement, this addition further accelerates Verisk’s expansion in Continental Europe, and supports its continued growth as a technology ... Read the full article
In our industry we rely on the past to have a glimpse of the future: Mican, PCS
16th December 2022
In an interview with Reinsurance News, Alex Mican, Director, Specialty Lines Product Development, PCS, Verisk Claims, suggested that given the events of the past year, having access to additional loss data sources will be vital to a successful January 1st renewal. Discussing what challenges specialty lines underwriters have faced this year, ... Read the full article
Verisk names Shavel to the role of President
2nd December 2022
Global data analytics provider Verisk has named Lee Shavel to the role of President, following the announcement that incumbent Mark Anquillare is to step down in the middle of January. Shavel, said the firm in a statement, will take on the role of President in addition to his current position as ... Read the full article
Verisk Extreme Event Solutions names Eric Gesick SVP of Casualty Analytics
22nd November 2022
Verisk Extreme Event Solutions (formerly known as AIR Worldwide) has appointed insurance expert, Eric Gesick, as Senior Vice President of Casualty Analytics, a position based in New Jersey. According to Dr. Jay Guin, Chief Research Officer and EVP at Verisk Extreme Event Solutions, Gesick’s knowledge and expertise will be applied to ... Read the full article
Verisk’s insurance segment sees growth despite revenue decline
2nd November 2022
For the third quarter of 2022 insurance and analytics provider, Verisk has reported a net income of $189.4 million, down 6.1% from the $ 201.7 million reported in the same period last year. The firm’s consolidated revenues for Q3 2022 was $745.3 million, down 1.8%, compared to the $759.0 million reported ... Read the full article
Verisk sells energy business Wood Mackenzie to Veritas for £3.1bn
31st October 2022
Global data analytics provider Verisk has announced plans to sell its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion as it continues to shift its focus towards becoming a pure-play re/insurance business. Having joined Verisk in 2015, Wood Mackenzie provides data, analytics, and insights to support the energy, ... Read the full article
Verisk releases climate projections for US hurricane & Caribbean cyclone
18th October 2022
Global data analytics provider Verisk has announced the release of climate change projections for its U.S. Hurricane and Caribbean Tropical Cyclone Models to help quantify climate-related, extreme event losses and their potential evolution over the next few decades. The climate change projections provide a probabilistic view of future risk in 2030, ... Read the full article
Verisk hires Stanway as Chief Digital Officer of Specialty Business Solutions
17th October 2022
Global data analytics provider, Verisk, has appointed Reid Stanway as Chief Digital Officer of Specialty Business Solutions. In this role, Stanway will work with insurance market participants to navigate the increasingly complex world of digital transformation and digital trading. At the same time, he will also engage with insurance executives and business ... Read the full article
Global average annual insured losses from extreme events in excess of $120bn: Verisk
5th October 2022
Verisk Extreme Event Solutions has released its 2022 Global Modelled Catastrophe Losses Report, estimating that on an annual average basis, catastrophes around the world are expected to cause around $123bn in insured losses compared to an average of $74bn in actual losses over the past 10 years. According to Verisk’s report, ... Read the full article
Hurricane Ian could drive $57bn insured loss, says Verisk
3rd October 2022
Data analytics and risk assessment firm Verisk has estimated that Hurricane Ian could drive a re/insurance industry loss of between $42 billion and $57 billion. This estimate accounts for wind, storm surge and inland flood losses from Ian’s landfalls in both Florida and South Carolina, although analysts say the majority of ... Read the full article
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