JERSEY CITY, N.J., March 18, 2013 — Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics (Nasdaq:VRSK), today announced LOCATION® Sinkhole Service, which is based on more than 60,000 sinkhole indicators and 35,000 confirmed sinkholes. (See note below.*) Sinkhole Service helps insurers minimize risk from subsidence and other sinkhole-type perils in Florida. The underlying data is based on an exclusive collection of sinkhole claims information compiled during the past 20 years.
“Sinkholes are one of the costliest perils for Florida insurers,” said Neil Spector, president of Verisk Underwriting. “Recent legislation has given insurers some tools to manage this required coverage. However, other than costly inspections, insurers don’t have a reliable way to accurately determine the true risk of sinkholes. Sinkhole Service was developed to help Florida insurers quickly and easily assess sinkhole risk for any property in Florida.”
LOCATION Sinkhole Service provides two sinkhole hazard indicators applicable to both residential and commercial properties. First, a sinkhole score, which is based upon the proximity of a property to confirmed sinkholes. Second, an area analysis based on the number and type of sinkhole indicators within one mile of the property.
Insurers can use the results to:
Sinkhole Service, updated monthly, is based on data collected during the investigation of actual sinkhole claims. Engineering, geotechnical, and geologic experts and other resources confirm all data to ensure accuracy.
For more information on Sinkhole Service, please visit www.verisk.com/sinkhole.
* NOTE: The original release, dated March 18, 2013, indicated 86,000 records with 55,000 confirmed sinkholes. After additional data analysis, Verisk Insurance Solutions – Underwriting found that in some cases a single property included multiple independent records. The updated sinkhole data consolidates the independent records that may exist for a single address.
About Verisk Insurance Solutions – Underwriting
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions – Underwriting is a leading source of underwriting information about property/casualty insurance risk. Drawing upon vast experience in data management, predictive modeling, and risk assessment solutions, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.
This release was revised on April 16, 2013.