JERSEY CITY, N.J., February 28, 2022 — Verisk’s insurance database has broken its growth record for the second consecutive year. An additional 47 property/casualty insurers have committed to contributing their premium and loss records in 2022, gaining access to critical analytics from Verisk’s industry-leading ISO Statistical Database.
In 2020, 37 insurers joined Verisk’s statistical database. Last year, that number increased to 47 new insurers, including global, national, super-regional and regional companies—making it the most new participants to join over the past 10 years. These new contributors are expected to significantly increase the size of the statistical database’s aggregated records across its wide range of personal and commercial lines of business.
Insurers Gain Access to Nearly 30 Billion Records in Verisk’s Statistical Database
By sharing their data, contributing insurers can view aggregate premium and loss information from across the industry to help improve their decisions across a wide range of critical functions, including benchmarking, ratemaking, product development and strategic planning. Verisk’s analytics enable contributing insurers to analyze data by state, geography, and coverage, visualize loss development trends and help identify potential market opportunities.
“Our statistical database of premium and loss records – which now has close to 30 billion records – is a critical source of information for many P&C insurers,” said Neil Spector, president of underwriting solutions at Verisk. “As the database continues to grow, participating insurers gain access to increasingly valuable analytics that can help them innovate and expand in the rapidly changing marketplace.”
For more than 50 years, Verisk has been a trusted provider of data management, reporting and analytics for insurers. In recent years, Verisk has accelerated enhancements to its statistical services, making it even more efficient for insurers to contribute, access and analyze data. These enhancements include more flexible data contribution formats, automated quality controls to help insurers review and correct their data submissions, as well as ongoing access to advanced analytics which can be customized to an insurer’s precise specifications.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.