• Verisk Analytics average gross margin for 2023 was 67.43%, a 1.17% increase from 2022.
• Verisk Analytics average gross margin for 2022 was 66.65%, a 2.08% increase from 2021.
• Verisk Analytics average gross margin for 2021 was 65.29%, a 2.64% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.