Verisk Pioneers New Approach to Catastrophe Risk with Release of Next Generation Models

New release provides insurers and reinsurers with tools to make informed decisions and mitigate potential losses effectively

JERSEY CITY, N.J., April 08, 2024 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced a monumental leap forward in global catastrophe modeling and risk analysis with the launch of Verisk's Next Generation Models (NGM). This suite of 100+ models will be implemented by insurers and reinsurers to evaluate risk across the globe with a new financial modeling framework designed to reflect anticipated insured losses from extreme events more accurately than ever before. These advances from Verisk’s Extreme Event Solutions business are now available on Verisk’s pioneering catastrophe risk management software platform, Touchstone, which is used by the top ten U.S. P&C insurers and nine of the top ten global P&C insurers.

This launch marks the first successful effort by a catastrophe modeling firm to bring its full suite of models to a next generation modeling framework. With NGM, Verisk is redefining the standards for risk assessment, providing insurers and reinsurers with the tools they need to make informed decisions and mitigate the complexity of modeling potential losses effectively. This development underscores Verisk’s commitment to driving innovation and resilience within the insurance sector.

The benefits of Verisk’s NGM include:

• Risk assessment. NGM provides the industry with a more complete and accurate view of risk, resulting in enhanced estimates of technical prices, more refined differentiation of risk for sub-perils within models, and better representation of tail risk.
  

• Policy terms and conditions. This advancement includes expanded capabilities for supporting complex insurance policy structures. These methodologies offer a more comprehensive representation of market terms and conditions, and better representation of uncertainty and geospatial dependencies in loss accumulation.
  

• Comprehensive risk management. NGM offers a deeper understanding of uncertainty and a more comprehensive and sophisticated solution for natural catastrophe risk management. This enables insurers and reinsurers to better analyze, understand, and mitigate the impact of natural disasters on their business operations.
  

• Financial modeling improvements. The next generation financial module in NGM delivers an accurate and reliable global view of risk across the insurance industry.