Verisk, a strategic data analytics and technology partner to the global insurance industry, announced that KatRisk has agreed to join the Verisk Model Exchange as Verisk continues to develop its open catastrophe risk modeling ecosystem.
Verisk said the move is intended to increase insurers and reinsurers’ access to third-party catastrophe risk insights, as climate-related disasters and changing regulatory requirements continue to raise expectations for clear and supportable risk assessments.
The company explains that its model exchange platform provides a way to assess multiple independent perspectives of catastrophe risk within a single managed, vendor-neutral system.
The platform is built on open standards so each model runs through a consistent financial engine, supporting comparability between results.
According to Verisk, the platform includes more than 20 third-party model providers and more than 400 risk models, enabling users to compare models side-by-side and apply standardized analytics to inform underwriting, portfolio management, capital planning and regulatory processes.
“Building resilience in the face of growing disaster risk requires transparency, choice and the ability to understand uncertainty,” added James Lay, assistant vice president of Verisk Model Exchange, Verisk Catastrophe and Risk Solutions.
“By welcoming KatRisk to the platform, we are working to expand an open ecosystem that allows insurers, brokers and reinsurers to gain a broader perspective on risk to make more confident, reliable decisions in an increasingly complex market.”
