Verisk unveils new energy insurance unit
Verisk Insurance Solutions has introduced an energy insurance unit focused on risk assessment, rating, and risk modelling for the oil and gas, petrochemicals, power generation, and metals and mining industries.
The unit, drawing on proprietary data across Verisk businesses such as ISO, AIR Worldwide and Wood Mackenzie, will develop data analytics solutions available to the global property/casualty insurance industry.
Spearheading the unit is Elizabeth Casas, who joined Verisk Insurance Solutions in 2016 as managing director of energy and insurance.
Casas has substantial experience in energy re/insurance, having most recently served as vice president and senior energy underwriter at Swiss Re Houston.
"Our new global data analytics tools and insights will help insurers underwrite with more precision, improve operational efficiencies, reduce costs, and grow profitably in this challenging market," said Maroun Mourad, senior vice president, commercial lines domestic and global at ISO.
"Our robust solutions will help enable insurers to evaluate and select risks and manage portfolios based on energy and insurance industrywide data, rather than rely solely on their own experience, data sets, and tools."
Casas added: "Underwriting energy risks is a highly technical process that can be extremely expensive and time-consuming.”
"By pulling together Verisk's global energy and insurance capabilities we aspire to develop innovative solutions to solve some of the challenges insurers may face in this diverse and complex market.
“The seamless delivery of energy-specific data assets, aerial imagery, cat modelling and accumulation management tools, as well as commercial and financial intelligence, is designed as a one-stop data and analytics solution that many energy insurers have likely been looking for."
