(Image source: KatRisk website.)
Verisk (Jersey City, N.J.) has announced that KatRisk has entered into an agreement to join Verisk Model Exchange, expanding access to third-party catastrophe risk models within Verisk’s open catastrophe risk modeling ecosystem.
James Lay, AVP, Verisk Model Exchange, Verisk Catastrophe and Risk Solutions.
Verisk Model Exchange is a catastrophe modeling platform designed to support the evaluation of multiple independent views of catastrophe risk within a governed, vendor-neutral environment. Verisk says the platform uses open standards so that models run on a consistent financial engine. With more than 20 third-party model providers and over 400 peril models, the platform supports side-by-side model comparison, standardized analysis, underwriting, portfolio management, capital planning and regulatory decision making.
“Building resilience in the face of growing catastrophe risk requires transparency, choice, and the ability to understand uncertainty,” comments James Lay, AVP, Verisk Model Exchange, Verisk Catastrophe and Risk Solutions. “By welcoming KatRisk to the platform, we’re working to expand an open ecosystem that gives insurers, brokers and reinsurers access to broader views of risk, enabling more confident and defensible decisions as they navigate increasingly complex markets.”
Broader Catastrophe Risk Perspectives
KatRisk’s models include inland flood, storm surge, tropical cyclone wind, severe convective storm, wildfire and earthquake. Verisk says the models incorporate climate variability and forward-looking hazard behavior, providing additional perspectives on natural catastrophe risks. Adding KatRisk models to Verisk Model Exchange is intended to expand access to specialized catastrophe risk insights, particularly for new geographic territories and perils where additional modeling perspectives can support clearer understanding of exposure and resilience.
Martyn Sutton, General Manager, KatRisk.
“As catastrophe risk becomes more climate-driven and interconnected, insurers need access to transparent frameworks that allow them to evaluate different risk perspectives consistently,” comments Martyn Sutton, General Manager, KatRisk. “Verisk Model Exchange will allow the market to assess KatRisk’s models alongside other independent approaches within a common analytical framework supporting informed comparison and stronger risk insight across the industry.”
Models available through Verisk Model Exchange span global natural catastrophe perils, including wildfire, severe convective storm, tropical cyclone, storm surge, inland flood and earthquake. The platform also supports cyber risk modeling, with specialist vendor models available alongside natural catastrophe models.
Verisk says Model Exchange operates on a standardized catastrophe modeling framework and supports access through a user interface or API, enabling insurers and reinsurers to integrate third-party models into existing workflows while providing governance, auditability and appropriate treatment of intellectual property.
Verisk acquired Model Exchange, formerly known as Nasdaq Risk Modelling for Catastrophes, in 2025. The acquisition was intended to support development of an open, multi-vendor catastrophe modeling platform designed to expand access to independent risk insight and support more transparent, defensible decision making across global insurance markets.