stockrowWhat it does
Verisk Analytics provides data, analytics and technology to insurers and other participants in the insurance market. Its customers use its services to assess risks, develop and price policies, process claims and meet reporting requirements. Founded in 1971, the company is headquartered in Jersey City. Lee M. Shavel is its president and chief executive officer.
Verisk operates in one segment, Insurance. Much of its work serves property and casualty insurers, which cover risks such as damage to homes, vehicles and businesses. Its underwriting services help insurers decide which risks to cover and how to price them. These include policy language, estimates of future losses, property information and statistical analysis.
On the claims side, Verisk supplies repair-cost estimates, fraud-detection tools and software that helps insurers, adjusters and contractors work together. Its catastrophe models help customers assess potential financial losses from events such as hurricanes, earthquakes and floods. It also sells software and analytics for life insurance, annuities and specialty insurance.
Verisk collects information from customers and combines it with its own and third-party data. It delivers services as databases, models, analytics and software platforms. Customers can buy individual components or a broader package, and can integrate some services into their existing workflows.
How it makes money
Verisk earns revenue from hosted subscriptions, advisory and consulting services, and transactions. Subscriptions give customers continuing access to services such as standard insurance policy language, the claims fraud database and actuarial services. Transactional arrangements charge for uses such as looking up information on a particular property, comparing an individual claim against a database or estimating a repair on a case-by-case basis.
For the year ended December 31, 2025, approximately 83% of consolidated revenue came from hosted subscriptions. The remaining approximately 17% came from transactional and advisory or consulting services. Subscriptions are generally paid in advance, either quarterly or at the start of the subscription period. Those periods are usually one to five years and automatically renew each year. Cash therefore generally arrives before the related revenue is recognized, with operating cash flow tending to be higher in the first quarter when subscription payments are received.
In the third quarter of 2026, total revenue was $809 million. Subscription revenue represented 84% of the quarter’s total and grew 8.2% on an organic constant-currency basis. Transactional revenue represented 16% and grew 3.2% on the same basis.
Verisk sells across underwriting and claims workflows. Underwriting offerings include forms, rules, loss-cost information and catastrophe models; claims offerings include fraud analytics and property repair estimates. The company also earns advisory revenue by helping customers use its analytics and subscriptions. Its catastrophe business sells additional capabilities alongside its modeling platform, while new forms products can be added to existing customer relationships.
Customers and how it sells
Verisk serves property and casualty insurers, reinsurers, brokers, life insurers and annuity providers. Its customers also include self-insured businesses, third-party claims administrators, repair contractors, government agencies and law enforcement organizations. Insurers use its statistical agent services to report data to regulators, while catastrophe customers use its models to assess potential losses.
In 2025, clients included all of the top 100 U.S. property and casualty insurance providers for the lines of services Verisk offers. The top fifty customers accounted for 42.0% of FY2025 revenue. Verisk sells services through subscriptions and longer-term agreements, as well as individual transactions; customers can purchase components or a package of services.
The United States accounted for 82.1% of FY2025 revenue, or $2.5 billion. The United Kingdom contributed $250.1 million, and other countries contributed $300.3 million. Outside the United States, Verisk serves insurance markets including Canada, the United Kingdom and Ireland, and also has customers across parts of Europe and the Asia-Pacific region. Its specialty insurance software serves insurers, reinsurers and brokers in London and elsewhere.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| UNITED STATES | $2.5 billion | 82.1% | 5.71% |
| Other Countries | $300.3 million | 9.77% | 6.79% |
| UNITED KINGDOM | $250.1 million | 8.14% | 16.7% |
Suppliers and costs
Data is an input to Verisk’s services. Property and casualty insurers contribute insurance transaction records, which Verisk assembles and checks; the company also supplements customer-submitted information with publicly available data. Its auto services use a mixture of third-party and proprietary data. Field representatives collect information on properties and community fire protection, while repair pricing draws on market surveys and customer claim experience.
Personnel is a major cost across both the cost of revenue and selling, general and administrative expenses. Personnel expenses represented approximately 55% of total operating expenses in 2025 and included salaries, benefits, incentives, equity compensation, commissions, employment taxes and recruiting. Employees who maintain solutions are recorded in cost of revenue, while functions such as sales, finance, legal and administration are generally recorded in selling, general and administrative expenses.
Cost of revenue also includes acquiring and verifying data, maintaining existing services, and developing and enhancing newer solutions. Facilities and communications costs are allocated according to the work performed. Verisk expects to grow headcount over time and believes personnel expenses can grow more slowly than revenue, although investment in new services and businesses may offset margin expansion.
- Revenue$3.1B
- Cost of revenue−$925.5M
- Selling, general and administrative−$458.2M
- Other operating costs−$345.1M
- Operating income$1.3B
Competitive position
Verisk faces competition in many of its markets and says it may not be able to compete effectively. Insurers can also bring services or analytics in-house. No specific competitors are named.
Verisk uses proprietary and customer-contributed data to develop its models and analytics. Its underwriting database contains more than 38.9 billion statistical records, and its claims database analyzes more than 1.9 billion claim records. The company also provides statistical reporting services and industry-standard policy language to insurers.
Our reading: Contributed insurance data is a meaningful competitive asset because it supports models and services built from information across the industry, rather than from a single insurer’s records. The need to keep collecting, checking and protecting that data remains important to its usefulness.
Verisk’s services are integrated into customer workflows, and customers can buy individual components or a broader package. In one example, a self-insured retailer returned to Verisk’s anti-fraud service under a multi-year agreement after bringing claims management in-house.
Our reading: Workflow integration and regulatory services can make Verisk harder to replace, but that protection is not absolute: insurers may still try to build capabilities themselves, as the retailer’s initial move illustrates.
Growth opportunities
Verisk seeks to grow by selling more to existing customers, winning new customers, expanding its solutions and making acquisitions. Its strategy includes modernizing core services with cloud technology, machine learning and artificial intelligence, adding data sources, and expanding in areas including life insurance and specialty business solutions. It is also extending underwriting and claims services in international markets.
The company’s Reimagine program adds digital workflow tools, analytics and a content delivery platform to its forms, rules and loss-cost services. Forms AI Builder combines generative AI with insurance content and was initially available for general liability; 14 companies were using it after its mid-September beta release in 2026.
Verisk launched Synergy Studio, a cloud-native catastrophe modeling and risk analytics platform, in late June. By the third quarter, 16 clients were running it. The company also added contributors to its excess and surplus insurance dataset, which covered $36 billion in premium at the time of its third-quarter update.
For the third quarter of 2026, Verisk reported organic constant-currency revenue growth of 7.4%, with growth in both underwriting and claims. It continued to expect consolidated 2026 revenue in the range of $3.19 to $3.24 billion. The company also said insurers were adopting AI deliberately as they developed confidence in its reliability.
- $2.5BFY2021
- $2.5BFY2022
- $2.7BFY2023
- $2.9BFY2024
- $3.1BFY2025
- $3.2BFY2026 guidance
Structural risks
- Competition and customer changes. Verisk faces competition across its markets, and insurers may bring services or analytics in-house. Changes in technology, loss of key customers, industry consolidation and saturation of demand can affect acceptance of its services.
- Insurance-market activity. Changes in insurer profitability can affect demand. Lighter weather activity reduced repair and restoration demand among contractor and adjuster clients, contributing to collection pressures and bankruptcies among a small number of those customers. Softer property markets and lower weather activity could continue to pressure transactional business.
- Data access and privacy. Restrictions on personal-information collection and sharing could reduce available data or limit use of Verisk’s services. Inability to obtain or use state fee schedules or claims data could also affect its insurance solutions.
- Cybersecurity. Unauthorized access or privacy breaches could deter customers and data suppliers, increase costs, expose Verisk to liability and harm its reputation.
- Acquisitions and execution. Acquisitions can be difficult to value and integrate, may bring liabilities or disrupt existing operations, and may not deliver expected benefits. Verisk also relies on protecting its proprietary technology rights.
Bottom line
Our reading
Our reading: Verisk is an insurance-focused data and software business whose recurring subscriptions are supported by services embedded in customer workflows and by records contributed across the industry. Its exposure remains tied to insurers and insurance activity: transactional demand can soften with weather and market conditions, while competition, data access and customer choices about in-house analytics can challenge its position.