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Yahoo
01-05-2025
- Business
- Yahoo
Verisk unveils catastrophe model to assess political risk in US
Verisk has launched a new catastrophe model to help quantify the financial impacts of strikes, riots and civil commotion (SRCC) in the US. The model helps underwriters and risk managers assess SRCC risks across the country. The model includes a 500,000-year stochastic event catalogue to capture both the frequency and severity of unrest-related losses at the ZIP Code level, the company claims. The model estimates event severity by evaluating socio-economic trends, political conditions and historical protest activity. It helps exposure and catastrophe teams by reducing reliance on historical data and subjective methods, the company said in a statement. According to Verisk, the model combines nearly 40 years of catastrophe modelling from its Extreme Event Solutions unit and more than 15 years of political violence risk expertise from its global risks arm, Verisk Maplecroft. Insurers can use the model to estimate SRCC losses and assess financial impact at local and enterprise levels. The tool also supports the development of underwriting guidelines and enables stress testing through 'plausible' extreme event scenarios. The SRCC model is accessible via Verisk's Touchstone platform, part of its Extreme Events Solutions offering. Verisk London Extreme Event Solutions team managing director Shane Latchman said: 'Verisk's goal is to empower insurers covering political violence and terrorism risks to enhance their underwriting strategies through insights on the riskiness of exposures. 'This will facilitate informed decisions on insurance pricing, capital allocation, risk management and mitigation. Ultimately, this SRCC Model enables underwriters to balance risk and premium effectively and allow insurers to effectively model this risk.' Last month, Verisk acquired Simplitium, a Nasdaq subsidiary. Simplitium operates Nasdaq Risk Modelling for Catastrophes, a software-as-a-service platform that supports an open ecosystem for specialised model partners to offer models, hazard data and analytics. "Verisk unveils catastrophe model to assess political risk in US " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Associated Press
30-04-2025
- Business
- Associated Press
Verisk Unveils First-of-Its-Kind SRCC Catastrophe Model for the U.S. to Quantify Political Violence Risks
JERSEY CITY, N.J, April 30, 2025 (GLOBE NEWSWIRE) -- In response to escalating insurance losses from large-scale civil unrest events in recent years, leading global analytics and data provider Verisk (Nasdaq: VRSK) is releasing the industry's first-of-its-kind catastrophe model to help quantify the financial impacts of strikes, riots and civil commotion (SRCC) in the United States. Since 2010, strikes, riots, and civil commotion events have led to more than USD 10 billion in insured losses globally, compared to less than USD 1 billion for terrorism. In the past six years, the insurance industry has faced five events, each causing over USD 1 billion in global insured losses. Verisk's new SRCC model was built to enhance the way underwriters and risk managers approach the increasing risk posed by SRCC events in the U.S., which has experienced approximately USD 3 billion in insured losses. 'Over recent years, unrest in the U.S. highlighted the necessity for insurers to have a comprehensive understanding of potential political risk hazards,' said Sam Haynes, vice president of data and analytics, Verisk Maplecroft. 'A 1 in 1,000-year SRCC event could cause losses 10 times greater than those from the 2020 protests, while very low-probability SRCC tail events could potentially impact commercial and municipal properties at the ZIP code level nationwide, the majority of which are located in metropolitan areas.' The Verisk SRCC Model for the U.S. has a 500,000-year stochastic catalog, capturing the frequency and severity across the spectrum of plausible loss-causing unrest across every ZIP Code in the country. It predicts the severity of an event by evaluating the key drivers of risk, including social and economic trends, political factors and historical protest patterns. The probabilistic model can provide enhanced insight for exposure management and catastrophe modeling teams that have traditionally been reliant on historical, generic civil unrest data and subjective assessments. 'Verisk's goal is to empower insurers covering political violence and terrorism risks to enhance their underwriting strategies through insights on the riskiness of exposures. This will facilitate informed decisions on insurance pricing, capital allocation, risk management and mitigation,' said Shane Latchman, managing director of Verisk Extreme Event Solutions team in London. 'Ultimately, this SRCC Model enables underwriters to balance risk and premium effectively and allow insurers to effectively model this risk.' The SRCC Model combines almost 40 years of catastrophe modeling expertise from Verisk's Extreme Event Solutions business with 15+ years of experience from its global risks business, Verisk Maplecroft, in quantifying political violence. This unique approach offers insurers and reinsurers a compelling solution that will enable them to: The SRCC Model is available through Verisk's Extreme Events Solutions' Touchstone platform. Learn more here: 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, sustainability 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 and fosters an inclusive culture where all team members feel they belong. For more, visit and the Verisk Newsroom. Jason McGeown Senior Director of Communications, Verisk Maplecroft [email protected]
Yahoo
30-04-2025
- Business
- Yahoo
Verisk Unveils First-of-Its-Kind SRCC Catastrophe Model for the U.S. to Quantify Political Violence Risks
Since 2010, strikes, riots and civil commotion have led to more than USD 10 billion in insured losses, compared to less than USD 1 billion for terrorism JERSEY CITY, N.J, April 30, 2025 (GLOBE NEWSWIRE) -- In response to escalating insurance losses from large-scale civil unrest events in recent years, leading global analytics and data provider Verisk (Nasdaq: VRSK) is releasing the industry's first-of-its-kind catastrophe model to help quantify the financial impacts of strikes, riots and civil commotion (SRCC) in the United States. Since 2010, strikes, riots, and civil commotion events have led to more than USD 10 billion in insured losses globally, compared to less than USD 1 billion for terrorism. In the past six years, the insurance industry has faced five events, each causing over USD 1 billion in global insured losses. Verisk's new SRCC model was built to enhance the way underwriters and risk managers approach the increasing risk posed by SRCC events in the U.S., which has experienced approximately USD 3 billion in insured losses. 'Over recent years, unrest in the U.S. highlighted the necessity for insurers to have a comprehensive understanding of potential political risk hazards,' said Sam Haynes, vice president of data and analytics, Verisk Maplecroft. 'A 1 in 1,000-year SRCC event could cause losses 10 times greater than those from the 2020 protests, while very low-probability SRCC tail events could potentially impact commercial and municipal properties at the ZIP code level nationwide, the majority of which are located in metropolitan areas.' The Verisk SRCC Model for the U.S. has a 500,000-year stochastic catalog, capturing the frequency and severity across the spectrum of plausible loss-causing unrest across every ZIP Code in the country. It predicts the severity of an event by evaluating the key drivers of risk, including social and economic trends, political factors and historical protest patterns. The probabilistic model can provide enhanced insight for exposure management and catastrophe modeling teams that have traditionally been reliant on historical, generic civil unrest data and subjective assessments. 'Verisk's goal is to empower insurers covering political violence and terrorism risks to enhance their underwriting strategies through insights on the riskiness of exposures. This will facilitate informed decisions on insurance pricing, capital allocation, risk management and mitigation,' said Shane Latchman, managing director of Verisk Extreme Event Solutions team in London. 'Ultimately, this SRCC Model enables underwriters to balance risk and premium effectively and allow insurers to effectively model this risk.' The SRCC Model combines almost 40 years of catastrophe modeling expertise from Verisk's Extreme Event Solutions business with 15+ years of experience from its global risks business, Verisk Maplecroft, in quantifying political violence. This unique approach offers insurers and reinsurers a compelling solution that will enable them to: Estimate potential insured losses from SRCC events and quantify the potential financial impact of risk for individual locations and at the enterprise level. Create robust underwriting guidelines to specifically account for SRCC related damage and associated business interruption. Assess tail risk through a catalog of stochastic events which feature scenarios that are inherently plausible, but far worse than anything that has been seen historically. Address risk management and regulatory requirements by stress testing extreme disaster scenarios to reveal potential vulnerabilities before real disasters occur. The SRCC Model is available through Verisk's Extreme Events Solutions' Touchstone platform. Learn more here: 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, sustainability 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 and fosters an inclusive culture where all team members feel they belong. For more, visit and the Verisk Newsroom. CONTACT: Jason McGeown Senior Director of Communications, Verisk Maplecroft in to access your portfolio Error in retrieving data
