Own a home? No doubt you’ve insured it. Very sensible of you. But if that home were, say, burned to the ground, then your insurance company probably wouldn’t cover the cost of rebuilding it. Don’t feel too bad, though. It’s …
Though adopted early by personal lines insurers, telematics is just coming into its own in the commercial auto space, according to Zach Schmiesing, director, Commercial Lines, IoT/Telematics at Verisk Analytics. Commercial insurers are examining the differences in commercial driving behavior …
With the National Flood Insurance Program (NFIP) currently set to expire on February 8, and many communities still recovering from this summer’s hurricanes, it’s no surprise that the 21st Century Flood Reform Act has passed the House and moved to …
Consumers continue to report concern during online transactions and social media use but don’t always maintain safeguards to protect themselves, according to Prashant Pai, vice president of cyber offerings strategy at Verisk Analytics. In a recent interview with Claims Journal, …
Grange Insurance Introduces 36-Month Policy Option for Businesses Ohio-based Grange Insurance launched a new 36-month commercial insurance package policy. The 36-month package policy gives commercial policyholders that qualify the opportunity to have consistent, stable rates, terms and conditions for 36 …
LexisNexis Introduces New Multi-language Telematics Capability Atlanta-based Lexis Nexis Risk Solutions now includes multi-language capability in its telematics platform. This development can improve speed to market in each territory while providing the benefits of a consistent platform across different geographical …
Verisk Analytics to Acquire G2 Web Services Verisk Analytics, Inc., a data analytics provider, has signed a definitive agreement to acquire Wash.-based G2 Web Services, an industry-leading provider of merchant risk intelligence solutions for acquirers, commercial banks, and other payment …
Erroneous policy information from customers and agents, whether by accident or intent, can distort actual risk and take a heavy toll on auto insurers’ underwriting results. Research conducted by Verisk Analytics for three large insurers found deteriorating application integrity contributed …
Private U.S. property/casualty insurers suffered a $4.7 billion net underwriting loss in 2016-following an $8.9 billion net underwriting gain in 2015-and experienced a 25 percent drop in net income after taxes to $42.6 billion from $56.8 billion a year earlier, …
Verisk Analytics estimates that personal lines automobile insurers face at least a $29 billion annual problem from premium leakage—omitted or misstated underwriting information that leads to inaccurate rates. According to the Verisk report, sources of personal auto premium leakage in …