Growth and profitability

Verisk has seen a marked increase in insurers seeking strategic sourcing of non-rate actions to confront premium leakage in 2023.

The truest test of an ITV solution is how it performs with actual losses, which can yield critical data to validate and calibrate RCEs.

Total reconstruction costs, including materials and labor, increased 6.8% from January 2022 to January 2023, a drop from the last quarter.

The Zipf-Mandelbrot Law has rarely been used in insurance—until now.

Verisk data shows the cost to rebuild a property is still more than 11 percent higher, on average, than it was pre-pandemic.

Non-rate actions that don’t require a rate filing are one of the fastest ways to help with insurers’ profitability during a hard market.

Florida’s statutory environment surrounding coverage for roofs may demand more robust data to clarify risk amid increasing complexity.

Knowing when a property has been updated is critical, as these changes can add new liability risks and insurance-to-value considerations.

Knowing a property's history, including changes in ownership and occupancy, is essential to paint a vivid picture of a property's condition.

With renovations increasing rapidly, the pressure to monitor property changes has increased to promote premium and ITV alignment.

By uncovering property change events during the policy life cycle, insurers can better understand their book of business.

Big data is critical to managing enterprisewide risk, but storing, managing, and processing it all poses significant challenges.

Competition and growing digital information sources demand that auto insurers balance underwriting data consumption with cost efficiency.

Automated underwriting can help homeowners insurers be thorough, consistent, and fast with timely, actionable data and analytics.

Life insurance growth could benefit from attacking barriers tied to chronic illness, and wearable technology and data to help overcome them.