JERSEY CITY, N.J., June 26, 2017 — The private U.S. property/casualty insurance industry saw its net income after taxes drop to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016—a 42.2 percent decline—and its overall profitability as measured by its annualized rate of return on average policyholders’ surplus fall to 4.4 percent from 7.9 percent, according to ISO, a Verisk Analytics (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
BOSTON, June 26, 2017 — Catastrophe risk modeling firm AIR Worldwide today announced that it has released its Crop Hail Model for Canada to give stakeholders across the crop insurance value chain a probabilistic view of crop hail risk in Canada. Through AIR’s 10,000 simulations of potential annual hail activity, insurers and reinsurers are able to assess the likelihood of a wide range of losses, including larger losses than have been experienced by the industry, providing a complete view of risk to crop hail portfolios. AIR is a Verisk Analytics (Nasdaq:VRSK) business.
BOSTON, June 19, 2017 — Catastrophe risk modeling firm AIR Worldwide today announced the release of a significantly updated earthquake model for the United States. Updates include enhanced event generation, local intensity calculation, and damage estimation modules. Previously supported sub-perils (fire following, liquefaction, and sprinkler leakage) have undergone comprehensive updates, and the model adds two new sub-perils, tsunami and landslide, for a comprehensive view of risk. The updated model also offers an induced seismicity module to capture the effects of human activity on earthquake occurrence. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
JERSEY CITY, N.J., June 7, 2017 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, has teamed up with Guidewire, a provider of software products to property/casualty insurers, to launch Verisk’s new ISO ClaimSearch® accelerator. Guidewire ClaimCenter® customers can now receive instant access to ISO ClaimSearch essential claim analytics and insights. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
JERSEY CITY, N.J., June 6, 2017 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced an alliance with TomTom Telematics, one of the world’s leading telematics solution providers. Through the alliance, fleet owners can choose to flow driving data collected by the TomTom Telematics Service Platform with WEBFLEET®, the company’s Software-as-a-Service (SaaS) fleet management solution, into the Verisk Data ExchangeTM. This will provide TomTom WEBFLEET subscribers access to fleet insurance benefits and operational safety feedback. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
JERSEY CITY, N.J., June 5, 2017 — ISO announced today a strategic alliance with IDP, Inc., a SaaS provider for the property/casualty insurance industry, that expands the ISO Preferred Data PartnershipTM — a new program in which ISO collects and refines raw policy data directly from insurers and submits reports on their behalf to regulators across the United States. ISO is a Verisk Analytics (Nasdaq:VRSK) business.