Latest news with #Simplitium
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.
Yahoo
03-04-2025
- Business
- Yahoo
Verisk snaps up Nasdaq subsidiary Simplitium
Verisk, a data analytics and technology provider for the insurance industry, has acquired Simplitium, a subsidiary of Nasdaq, for an undisclosed sum. Simplitium operates Nasdaq Risk Modelling for Catastrophes (NRMC), a software-as-a-service (SaaS) platform designed to support an open ecosystem in which specialised model partners offer their models, hazard data and analytics. This ecosystem aims to address the global insurance protection gap. As part of the acquisition, Verisk clients will gain access to more than 300 third-party models, providing diverse and specialised insights into global risk. Verisk product management senior vice-president Gayatri Natarajan said: 'Verisk risk modelling powers mitigation strategies and disaster financing to narrow the insurance protection gap, reducing uncertainty and empowering people to protect what matters most – their families, homes and livelihoods. 'Access to more views of risk, especially covering niche areas of risk, strengthens our clients' ability to make decisions that will deliver resiliency to our communities and businesses.' NRMC, which operates using the OASIS Loss Modelling Framework – recognised as the industry standard for open-source catastrophe risk modelling – will be delivered as a cloud-based service. Verisk said the integration of NRMC into its portfolio will allow clients to evaluate various views of risk, assess potential losses through different modelling perspectives and apply models that best suit their business needs. The platform is built on open standards, enabling standardised and efficient data exchange, and supporting reinsurers in refining their catastrophe risk strategies with greater precision, the company added. NRMC will become part of Verisk's Extreme Event Solutions division, which offers advanced catastrophe risk modelling, global loss indices and analytics to the insurance industry. Verisk added that the acquisition is not expected to have a material impact on its financial results. Nasdaq marketplace technology head Magnus Haglind stated: 'We are pleased that NRMC will become part of an organisation with a scaled presence in catastrophe risk modelling and we look forward to NRMC's continued success under Verisk's ownership.' In January this year, Verisk sought a review of its wildfire catastrophe model by the California Department of Insurance, reportedly the first modeller to initiate new regulations in California. "Verisk snaps up Nasdaq subsidiary Simplitium " 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.
