Verisk launches Next Generation Models to help re/insurers mitigate losses

Global data analytics and technology provider Verisk has launched its Next Generation Models (NGM), which will be implemented by insurers and reinsurers to evaluate risks and anticipate insured losses from extreme events more accurately.

According to Verisk, this suite of 100+ models is now available on its catastrophe risk management software platform, Touchstone.

“Verisk’s Touchstone and newly released Next Generation Models provide 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 firm observed.

Rob Newbold, president of Extreme Event Solutions at Verisk, commented, “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.

“The insurance industry is evolving, creating new and innovative methods for writing policies in a more complex risk environment.

“By rebuilding the financial modelling 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.”

As per Verisk, this launch marks the first successful effort by a catastrophe modelling firm to bring its full suite of models to a next-generation modelling framework.

With NGM, the firm noted that it 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 modelling potential losses effectively.