JERSEY CITY, N.J., June 28, 2012 — ISO announced that its ISO Casualty IndexTM has won the Initiative of the Year Award at the 2012 Trading Risk Awards in London. Candidates were professionals in the convergence sector, and the award was presented to ISO for playing a pivotal role in developing a new trading risk instrument.
The ISO Casualty Index, launched in March 2011, provides an independent, transparent, and robust reference point for monitoring the U.S. insurance industry’s trends in casualty loss ratio (the ratio of losses to corresponding premium) and casualty loss development (the emergence of losses over time).
“The ISO Casualty Index team is honored to have won the award,” said Joseph Izzo, assistant vice president and associate actuary at ISO. “We recognize the benefits of a casualty-based index in the marketplace, and we’re delighted to be acknowledged for our efforts.”
ISO released its scheduled quarterly update of the ISO Casualty Index on June 15, 2012, covering data collected through the fourth quarter of 2011. Per this current release, which provides a first look at accident year 2011, the latest observation shows a continuing trend of increasing loss ratios since 2005. The trend, with few exceptions, is visible in the ten segments of general liability and commercial automobile liability insurance captured by the ISO Casualty Index.
The ISO Casualty Index is derived from ISO’s extensive database of transactional records aggregated from direct primary insurers. It provides the ability to track underwriting cycles, manage adverse loss experience, and benchmark performance.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.verisk.com/iso and www.verisk.com.
MWW Group (for ISO)
MWW Group (for ISO)