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
(https://www.verisk.com/products/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.
  * Enhanced workflows. NGM has redesigned workflows in the loss calculation to
    reflect policy language and the actual flow of losses more correctly into
    policy structures, making loss results more accurate and more reflective of
    reality while also making preparing and modeling risk easier.

The use of catastrophe models is important for decision-making in the dynamic
risk landscape of today's insurance market. Verisk's Touchstone and newly
released Next Generation Models provides insurers and reinsurers with state-of-
the-art resources to boost the capability to assess and price intricate risk,
and to fine-tune reinsurance tactics for risk transfer. The revamped financial
framework improves the ability to accommodate complex policy terms and model
uncertainty, facilitated by streamlined exposure coding and more efficient
workflows. The insights derived from these models supports making better-
informed decisions and managing the risk inherent in portfolios.
"The release of NGM is the next step in our ongoing commitment to making
societies more resilient and helping the insurance industry provide protection
to their clients when they are impacted by the devastating impacts of natural
catastrophes," said Rob Newbold, president of Extreme Event Solutions at Verisk.
"The insurance industry is evolving, creating new and innovative methods for
writing policies in a more complex risk environment. By rebuilding the financial
modeling framework that sits behind Verisk's catastrophe models, we are
providing the industry with more flexible and robust tools for underwriting,
pricing new business, and managing portfolio risk. NGM will also serve as the
basis for our cloud native platforms which will bring further improvements in
both insurance and reinsurance workflows."
The Verisk Hurricane Model for the U.S. available as part of NGM has been
approved for filing in Florida.
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About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology
partner to the global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes, combat fraud and
make informed decisions about global risks, including climate change, extreme
events, ESG and political issues. Through advanced data analytics, software,
scientific research and deep industry knowledge, Verisk helps build global
resilience for individuals, communities and businesses. With teams across more
than 20 countries, Verisk consistently earns certification by Great Place to
Work (https://www.greatplacetowork.com/certified-company/1288593) and fosters
an inclusive culture (https://www.verisk.com/about/inclusion-diversity-
belonging/) where all team members feel they belong. For more, visit Verisk.com
(https://www.verisk.com/) and the Verisk Newsroom
(https://www.verisk.com/newsroom/).
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