Verisk Launches WaterLine, Significantly Enhances Solutions for Private Flood Insurance Market

October 18, 2018 / 3 min read

JERSEY CITY, N.J., October 18, 2018 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today the launch of WaterLine^™, an underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers meet the needs of the growing number of homes and businesses vulnerable to flood.

WaterLine, developed by Verisk businesses ISO and AIR Worldwide, is based on advanced models of river, surface, and storm surge flooding. The tool can help insurers underwrite any property, including those not traditionally considered flood-prone. WaterLine can also help insurers that don’t offer flood insurance serve their customers better by providing them with critical information about their level of flood risk.

WaterLine comes to market just months after floods damaged homes and disrupted businesses in communities across the United States: from Dane County, Wisconsin, where emergency officials reported that just 2 percent of residential and business damage was insured against recent flooding, to Ellicott City, Maryland, which endured its second 1,000-year rain event in two years, according to the National Weather Service. And when Hurricane Florence hit the Carolinas last month with winds, storm surge, and historic inland flooding, less than 340,000 out of the 5 million homes in those states had flood insurance, based on U.S. government and AIR data.

“For decades, outdated regional flood maps and a lack of detailed risk information have discouraged many property insurers from taking on flood exposure,” said Marc Treacy, managing director of flood at ISO. “As numerous storms over the past few years show, flood is a hazard that homeowners and businesses can no longer ignore. WaterLine provides the critical information property insurers need to assess flood risk confidently.”

The solution scores properties on a 0-to-100 relative risk scale and shows the factors contributing to the score. It uses advanced probabilistic simulations based on hydrologic and hydraulic engineering from AIR’s Inland Flood Model for the United States.

“WaterLine can also help insurers expand into the emerging flood market with underwriting information that can help both personal and commercial insurers achieve profitable growth,” continued Treacy.

Through its various property/casualty insurance businesses, Verisk offers a wide-ranging suite of solutions to support flood insurance programs—including policy programs for personal and commercial lines—as well as individual risk assessment, portfolio analysis, and claims estimation.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Eboni Thomas
Edelman (for Verisk)
212-642-7784
eboni.thomas@edelman.com