Verisk Insurance Solutions - Underwriting Announces LOCATION Sinkhole Service to Help Insurers Manage Florida Sinkhole Risk

2013-03-18 17:23:59 -
JERSEY CITY, N.J., March 18, 2013 - Verisk Insurance Solutions - Underwriting, a
unit of Verisk Analytics (Nasdaq:VRSK), today announced LOCATION(®) Sinkhole
Service, which is based on more than 86,000 records with settlement indicators,
including more than 55,000 confirmed sinkholes. Sinkhole Service helps insurers
minimize risk from subsidence and other sinkhole-type perils in Florida. The
underlying data is based on an exclusive collection of sinkhole claims
information compiled during the past 20 years.

"Sinkholes are one of the costliest perils for Florida insurers," said Neil
Spector, president of Verisk Underwriting. "Recent legislation has given
insurers some tools to manage this required coverage. However, other than costly
inspections, insurers don't have a reliable way to accurately determine the true
risk of sinkholes. Sinkhole Service was developed to help Florida insurers
quickly and easily 
  
    
      
        

	    
  
  assess sinkhole risk for any property in Florida."

LOCATION Sinkhole Service provides two sinkhole hazard indicators applicable to
both residential and commercial properties. First, a sinkhole score, which is
based upon the proximity of a property to confirmed sinkholes. Second, an area
analysis based on the number and type of sinkhole indicators within one mile of
the property.

Insurers can use the results to:

  * implement new-business and renewal underwriting rules
  * determine appropriate premiums and contract language for sinkhole insurance
    policies
  * identify properties with previous sinkhole claims
  * predict future claim exposure based on area trend analysis
  * assist in developing a rating system to identify zones of high risk exposure


Sinkhole Service, updated monthly, is based on data collected during the
investigation of actual sinkhole claims. Engineering, geotechnical, and geologic
experts and other resources confirm all data to ensure accuracy.

For more information on Sinkhole Service, please visit www.iso.com/sinkhole.

About Verisk Insurance Solutions - Underwriting
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions -
Underwriting is a leading source of underwriting information about
property/casualty insurance risk. Drawing upon vast experience in data
management, predictive modeling, and risk assessment solutions, Verisk Insurance
Solutions includes the industry-leading brands of ISO, AIR Worldwide, and
Xactware. In the United States and around the world, Verisk Analytics helps
customers protect people, property, and financial assets. For more information,
visit www.verisk.com/insurance.

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 Contact:


 Media

 Jessica Riccardi/Giuseppe Barone

 MWW Group (for Verisk Insurance Solutions)

 201-507-9500

 jriccardi@mww.com
 gbarone@mww.com










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Source: Verisk Analytics Inc. via Thomson Reuters ONE
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