Verisk is a data, analytics, and technology company serving the U.S. property and casualty (P&C) insurance industry. Verisk operates through two core businesses: Underwriting (~60% of revenue) and Claims (~40% of revenue). In Underwriting, Verisk's flagship product is Forms, Rules and Loss Costs — the industry-standard policy language, coverage forms, and loss cost data that most U.S. P&C insurers use as the baseline for pricing and product development. Verisk collects roughly 3.6B individual insurance transaction records annually and maintains a database of over 38.9B statistical records, acting as a statistical agent in all 50 states. In Claims, the flagship product is Xactimate, the industry-standard platform for estimating building repair and reconstruction costs, used by adjusters, contractors, and carriers alike. Verisk also operates ClaimSearch, a P&C claims database with 1.9B+ records used for fraud detection. Over 80% of revenue is subscription-based, with the remainder largely transactional claims volume that spikes after major weather events. Verisk's competitive moat rests on a contributory data model — insurers supply their data to Verisk in exchange for richer industry-wide analytics, creating a self-reinforcing flywheel that is difficult to replicate. Growth is driven by price realization at renewal, upsell and cross-sell, AI product integration, and ecosystem expansion. All top 100 U.S. P&C insurers are customers.