JERSEY CITY, N.J., Oct. 17, 2011 (GLOBE NEWSWIRE) -- Verisk Analytics (Nasdaq:VRSK), a leading source of information about risk, has prepared the preliminary estimate of insured property damage by county for Hurricane Irene.
The Verisk Catastrophe Index supplies highly detailed insured property loss estimates — by county and line of business — after catastrophes. The index provides values that companies can use as triggers for a variety of traded financial market instruments, including reinsurance contracts, catastrophe bonds, industry loss warranties (ILWs), and other catastrophe derivative instruments, such as swaps, options, and futures.
The Verisk Catastrophe Index builds upon the strengths of two industry leaders — ISO's Property Claim Services (PCS) unit and AIR Worldwide (AIR). The index combines information that PCS and AIR each develop independently and without mutual influence. PCS and AIR are subsidiaries of Verisk Analytics.
The Verisk Catastrophe Index estimate for Hurricane Irene was prepared for the District of Columbia and the 13 states and 191 counties within them affected by this event.
New Jersey, New York and North Carolina were the top three states with sustained insured property damage topping $500 million from Hurricane Irene, with Virginia and Maryland completing the top five.
Suffolk County, New York, followed by Dare County, North Carolina — with more than $200 million of insured property damage in each — ranked first and second by insured damage among the 191 counties affected by Hurricane Irene. Completing the top five worst-hit counties from an insured property damage standpoint — with more than $150 million in damages in each — are Nassau County, New York; Monmouth County, New Jersey; and Worcester County, Maryland. Eight counties in total had estimated insured property damage in excess of $100 million.
For more information about the Verisk Catastrophe Index or for a subscription to the detailed index data, please visit www.verisk.com/indices or e-mail CatIndex@verisk.com .
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. 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.
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