July 31 (Reuters) - Data analytics firm Verisk

beat second-quarter profit estimates on Wednesday, driven by

strong demand for its products that are primarily used by

property and casualty (P&C) insurers to assess underwriting

risks.

WHY IT'S IMPORTANT

P&C insurers have been seeing higher catastrophe losses in

recent years due to extreme weather events around the world,

prompting them to spend more on analytics that help them

determine policy risks.

Global insured losses from natural catastrophes in the first

half of 2024 were at least $61 billion, 25% above the 10-year

average for the period, heavily driven by storm activity in the

United States, according to a report by reinsurance broker

Gallagher Re.

Moreover, growing optimism around rate cuts has also been

encouraging clients to spend more on such products.

CONTEXT

The company now primarily caters to U.S. P&C insurers across

personal and commercial lines of business after it divested from

specialized markets and financial services businesses in March

2022 and April 2022, respectively.

BY THE NUMBERS

On an adjusted basis, Verisk earned $1.74 per share in the

second quarter, beating analysts' estimates of $1.64 per share,

according to LSEG data.

The company's consolidated revenue rose 6.2% to $717 million

compared with the previous year.