Verisk beats first-quarter estimates on strong demand for its analytics

April 29 (Reuters) - Verisk ‌Analytics reported ​better-than-expected ​results for the first quarter on Wednesday, driven by strong demand for its ‌data analytics products used by insurers to ⁠assess policy risks.

Resilient insurance demand, driven by the essential ‌need for coverage despite ‌inflationary pressures from the U.S.-Israeli war on Iran, is boosting demand for data and analytics ​tools for underwriting, claims processing and fraud detection.

Founded in 1971, Verisk is a New ⁠Jersey-based analytics company that primarily serves the P&C insurers, providing catastrophe ​modeling and predictive analysis to help them assess risk and optimize policy pricing.

The ​company's underwriting revenue increased 3.8% ‌in the quarter, while claims revenue climbed 4.3%, primarily due to stronger ⁠pricing for its anti-fraud analytics products.

Investor concerns about artificial intelligence are continuing to impact the stock, which ⁠has fallen 21% this year.

Analysts, however, see limited risk ​as the company's proprietary data, contributed by insurers themselves, cannot be easily accessed or replicated.

Verisk's adjusted profit per ‌share was $1.82 in the reported quarter, beating expectations of $1.74, according to data compiled ‌by LSEG.

Its first-quarter revenue rose 3.9% to $783 ⁠million from a year ‌earlier, versus estimates ​of $771.4 million.

(Reporting by Pragyan Kalita and Prakhar Srivastava in Bengaluru; Editing by Vijay ‌Kishore)

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