Oct 31 (Reuters) - Verisk Analytics Inc said on Monday it had agreed to sell its energy research and consulting unit Wood Mackenzie to private equity firm Veritas Capital for $3.1 billion, as the data analytics firm looks to streamline its business to focus on insurance.

In March, Verisk had agreed to separate its energy business following a challenge by prominent U.S. hedge fund D.E. Shaw.

Verisk bought Wood Mackenzie in 2015 from buyout firm Hellman & Friedman. It provides data and analysis for the energy, renewables and natural resource industry.

This year, Verisk has already sold its 3E business, which was part of its energy and specialized markets segment, to investment firm New Mountain Capital, while credit information provider TransUnion has bought Verisk's financial services unit.

Demand for insurance analytics and risk assessment has strengthened as insurers look for ways to navigate a surge in claims from frequent catastrophes, while facing an uncertain economy and decades-high inflation.

Terms of the deal, which is expected to close in the first quarter of 2023, include an additional contingent payment of up to $200 million in the future for Verisk. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)