VOL. XCIV, NO. 247
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Wednesday, December 31, 2025
Verisk Analytics, Inc.
VRSK · NASDAQ Global Select Market
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Verisk Analytics, Inc. is an insurance-focused data, analytics, and technology provider, with revenues disaggregated into Underwriting and Claims solution categories. Underwriting is anchored by ISO-derived forms, rules, and loss costs plus underwriting and catastrophe and weather analytics, benefiting from standards-like adoption, regulatory and compliance complexity, and workflow-embedded subscriptions. Claims combines property repair estimating data and workflows and large contributory claims databases used for fraud detection, compliance checks, and benchmarking, creating data and network effects and switching costs. Key risks include regulation or legal actions that reduce data sharing or standard-setting advantages, large insurers building in-house alternatives, and competition from other insurance data and analytics and claims software platforms.
Primary segment
Underwriting Solutions
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
2 segments · 8 tags
Updated 2025-12-30
Segments
Underwriting Solutions
Property and casualty insurance underwriting content and analytics (forms and rules and loss costs, underwriting data and catastrophe and weather risk)
Revenue
70.2%
Structure
Oligopoly
Pricing
strong
Share
—
Peers
Claims Solutions
Property and casualty insurance claims analytics and workflow tools (property repair estimating data and platform, anti-fraud, compliance reporting)
Revenue
29.8%
Structure
Oligopoly
Pricing
moderate
Share
80%-90% (reported)
Peers
Moat Claims
Underwriting Solutions
Property and casualty insurance underwriting content and analytics (forms and rules and loss costs, underwriting data and catastrophe and weather risk)
Revenue share computed from Form 10-K Note 6 (FY ended 2024-12-31): Underwriting $2,024.3M of total revenue $2,881.7M.
De Facto Standard
Network
De Facto Standard
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
ISO-derived forms, rules, and loss costs function as widely adopted, industry-standard building blocks for U.S. P&C insurance programs.
Erosion risks
- Regulators or industry bodies endorse alternative or open standards
- Large carriers build or standardize proprietary forms and rating content
- Competitive underwriting platforms bundle comparable content
Leading indicators
- Retention rates for forms, rules, and loss-cost subscriptions
- Regulatory acceptance of alternative program filings
- Pricing and discounting trends in renewal cycles
Counterarguments
- Major insurers can internalize policy language and rating content
- Comparable content can be sourced from competitors or consultants, reducing standard dependence
Compliance Advantage
Legal
Compliance Advantage
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Constantly changing state-level insurance regulation creates demand for compliant policy language, rating rules, and filing support, favoring specialized providers with regulatory interfaces at scale.
Erosion risks
- Simplification or harmonization of filing requirements across states
- Automation tools reduce marginal value of specialist compliance providers
- Regulatory scrutiny of standard-setting bodies
Leading indicators
- Volume of regulatory filings processed
- Turnaround times and error rates in filings
- Share of clients adopting alternative programs versus ISO programs
Counterarguments
- Some insurers maintain internal regulatory and compliance teams and file independently
- New reg-tech vendors could commoditize parts of the filing workflow
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 3 evidence
Proprietary datasets and analytics are embedded in underwriting workflows, sold largely via prepaid subscriptions and long-term agreements, creating operational switching costs and procurement inertia.
Erosion risks
- Insurers shift to alternative data and analytics stacks and reduce reliance
- Model performance parity from competitors using new data and AI techniques
- Data privacy and usage restrictions reduce access to contributory datasets
Leading indicators
- Net retention and renewal rate trends
- Attach rates of new analytics modules to existing accounts
- Competitor win and loss commentary in insurer tech procurement
Counterarguments
- Large insurers may multi-source and can switch vendors over time
- Some analytics can be rebuilt in-house using internal and third-party data
Claims Solutions
Property and casualty insurance claims analytics and workflow tools (property repair estimating data and platform, anti-fraud, compliance reporting)
Revenue share computed from Form 10-K Note 6 (FY ended 2024-12-31): Claims $857.4M of total revenue $2,881.7M.
Ecosystem Complements
Network
Ecosystem Complements
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Claims and repair estimating products sit at the coordination layer between insurers, adjusters, contractors, and policyholders, raising ecosystem switching costs.
Erosion risks
- Contractor and insurer workflows standardize around competitor platforms
- Open APIs and data portability reduce coordination lock-in
- DIY estimating and AI tools reduce dependence on legacy estimating platforms
Leading indicators
- Adoption and usage of contractor-facing tools and integrations
- Churn or seat contraction among large carrier accounts
- Growth of third-party integrations in claims platforms
Counterarguments
- Insurers can run multi-platform claims workflows and force interoperability
- Contractors may adopt alternative estimating systems if incentivized by carriers
Format Lock In
Demand
Format Lock In
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 2 evidence
Proprietary, frequently refreshed repair cost databases and line-item structures create switching friction for estimating workflows and benchmarking.
Erosion risks
- Alternative datasets match accuracy and coverage at lower cost
- Standards-based formats emerge for estimating and exchange
- Regulation or litigation forces data access and portability
Leading indicators
- Frequency and magnitude of post-disaster price updates
- Accuracy disputes or customer complaints about pricing data
- Competitive offerings in estimating databases (coverage and refresh cadence)
Counterarguments
- Data can be recreated from market surveys and claims experience
- If carriers mandate multiple formats, lock-in weakens
Data Network Effects
Network
Data Network Effects
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 2 evidence
A large contributory claims database improves fraud detection and benchmarking value, reinforcing continued participation and data advantage.
Erosion risks
- Privacy regulation limits claims data sharing or use
- Insurers form or shift to alternative consortia or in-house data pooling
- False positives and negatives reduce trust in fraud models
Leading indicators
- Participant count and contribution volume to claims databases
- Fraud detection hit-rate and false-positive rates (customer satisfaction)
- Regulatory actions affecting claims data usage
Counterarguments
- Large carriers may have enough internal data to reduce reliance on shared databases
- Competitors can assemble large datasets via partnerships and M&A
Evidence
We are the recognized leader in the U.S. for industry-standard insurance programs that help P&C insurers define coverages and issue policies.
Management explicitly frames its underwriting programs as the U.S. industry standard, supporting a standards-based moat.
Our policy language, prospective loss cost information, and policy writing rules can serve as integrated, turnkey insurance programs for our clients.
Turnkey programs increase adoption and make Verisk content a default reference point in insurer workflows.
Insurance companies need to ensure that their policy language, rules, and rates comply with all applicable legal and regulatory requirements.
Direct statement of the compliance burden that makes updated content and filings valuable.
we process approximately 2,000 regulatory filings
Regulatory interface scale is difficult to replicate and supports compliance-driven stickiness.
provide valuable solutions that are integrated into client workflows.
Workflow integration supports ongoing usage and switching costs.
Showing 5 of 14 sources.
Risks & Indicators
Erosion risks
- Regulators or industry bodies endorse alternative or open standards
- Large carriers build or standardize proprietary forms and rating content
- Competitive underwriting platforms bundle comparable content
- Simplification or harmonization of filing requirements across states
- Automation tools reduce marginal value of specialist compliance providers
- Regulatory scrutiny of standard-setting bodies
Leading indicators
- Retention rates for forms, rules, and loss-cost subscriptions
- Regulatory acceptance of alternative program filings
- Pricing and discounting trends in renewal cycles
- Volume of regulatory filings processed
- Turnaround times and error rates in filings
- Share of clients adopting alternative programs versus ISO programs
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.