If National Flood Insurance Program included, losses could exceed $60 billion. Verisk (NASDAQ:VRSK) estimates that insured losses to onshore property for Hurricane Ian will range from USD 42 billion to USD 57 billion. The industry loss estimate from Verisk Extreme Event Solutions includes estimated wind, storm surge, and inland flood losses resulting from Ian’s landfalls […]
Verisk Launches First Notice of Loss Service
Property/casualty insurers using Verisk’s (NASDAQ:VRSK) ClaimSearch solution can now append certain missing information with insurer-contributed first notice of loss (FNOL) data to help process claims faster and more efficiently. As part of the existing ClaimSearch service, the new FNOL initiative will leverage Verisk claims data to augment carriers’ own FNOL contributed information. The latest efficiency […]
Property and Casualty Insurers Experience Underwriting Loss in 2021
Auto physical damage written premiums were up 6.5% but direct losses grew 25.1% over pandemic influenced 2020. Despite experiencing an underwriting loss, the property/casualty insurance industry ended 2021 strong and able to support policyholders, according to a report from Verisk (NASDAQ:VRSK), the global data analytics provider, and the American Property Casualty Insurance Association (APCIA). In […]
Verisk and Ford Partner on Connected Car Data for Auto Insurance in Europe
The agreement gives Verisk license to supply connected car data to insurers in the UK, France, Germany, Italy and Spain. Verisk (NASDAQ:VRSK), a global data analytics provider, announced an agreement with Ford Motor Company (NYSE:F). As part of the agreement, Verisk can offer standardized, insurance-ready telematics data from connected Ford vehicles in Europe to assist […]
Property and Casualty Insurers See $5.6B Net Underwriting Loss in First Nine Months of 2021
Underwriting loss driven by increase in non-catastrophe losses from several lines, including personal auto. Private U.S. property/casualty insurers saw a $5.6 billion net underwriting loss in the first nine months of 2021, as non-catastrophe losses returned to pre-pandemic levels, according to a report by Verisk (NASDAQ:VRSK), the global data analytics provider, and the American Property […]
U.S. Property and Casualty Insurers Report Net Income Rose to $37.5 Billion
Insurers report improved income as resumption in economic activity drives growth in premiums and losses, according to Verisk and APCIA. Private property/casualty insurers in the United States posted strong net income growth in the first half of 2021 as the country continued to recover from the economic disruption caused by the COVID-19 pandemic, according to […]
Property & Casualty Insurers’ Q1 Net Income Grows as Profitability Ratios Worsen
U.S. industry notches strong first quarter, but catastrophes hamper underwriting performance, according to Verisk and APCIA Private property/casualty insurers in the United States saw their net income after taxes increase in the first quarter of 2021 from a year earlier, while their combined ratio – a key measure of underwriting profitability – worsened, according to […]
Property & Casualty Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020
Pandemic and record number of catastrophes in the United States impact insurance industry. In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk (NASDAQ:VRSK), a leading global data analytics […]
P/C Insurers Report a 26% Drop in Net Income in First-Half 2020
Industry results show effects of COVID-19 according to Verisk and the APCIA. Net income for the private U.S. property/casualty insurance industry dropped 26% in the first half of 2020, as the effects of COVID-19 began to hurt insurer underwriting results and investment gains, according to Verisk (NASDAQ:VRSK), a leading data analytics provider, and the American […]
Ford Partners with Verisk to Offer Telematics Data to Insurers
Vehicle manufacturer joins the Verisk Data Exchange to enable insurers to deliver usage-based insurance benefits. Verisk (NASDAQ:VRSK), a leading data analytics provider, today announced that Ford Motor Company (NYSE:F) has joined the Verisk Data Exchange. Owners of eligible Ford and Lincoln vehicles will soon have easy access to usage-based insurance programs from the many U.S. […]