85% of U.S. homes are not insured against flood, offering a
massive market opportunity
Intermap's patent-pending solution and data quality provide a
unique advantage
DENVER, Jan. 26, 2022 /PRNewswire/ - Intermap
Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the
"Company"), a global leader in geospatial content development and
intelligence solutions, today announced that a top-5 U.S. insurer
has licensed InsitePro®, Intermap's SaaS flood risk assessment
product, to build a comprehensive, accurate flood rating system for
the United States. This represents
an expansion of an existing client relationship into a large new
market where Intermap has a unique advantage and should generate
rapid growth. It also represents an expansion of InsitePro's
functionality beyond risk selection and into pricing, expanding its
available market. InsitePro delivers precise property-specific
flood risk assessment empowering insurers to charge the right
amount of premium for every individual property in the country.
Rating, or pricing, flood risk requires the highest possible
quality geospatial data and analytics because flood risk varies
significantly from building to building. Historically, insurers
have only been able to define generalized flood pricing by
neighborhood or zip code because the underlying data has not been
accurate enough. InsitePro, with its unique proprietary elevation
data and patent-pending approach to rating, enables insurers to
define the specific amount of premium they should charge for every
property. Intermap currently has dozens of insurance company
subscribers using InsitePro to analyze and score flood risk. This
new product extends Intermap's capability to help a major insurance
underwriter accurately price their flood premiums.
Less than 15% of U.S. properties are insured against flood loss
as a result of the lingering inability of insurers to accurately
price the coverage, with the Federal Emergency Management Agency
(FEMA) underwriting most of that risk through the National Flood
Insurance Program (NFIP). Every year in the U.S., tens of thousands
of homes and businesses without flood insurance are flooded,
leading to staggering losses. This also costs taxpayers, creating a
burden on FEMA as it assists flood victims, whether insured or
uninsured, with support and compensation.
InsitePro's ability to rate flood risk unlocks over $5 billion of unwritten premium for the 85% of
U.S. properties without flood coverage (Source iii and U.S.
Census). The U.S. private flood market, which excludes the NFIP,
has grown at a CAGR of 20% since 2016, and that growth can
accelerate if the country's 2,500 admitted insurers target the
unwritten premium.
"Intermap's U.S. insurance business continues grow as the flood
insurance market grows," said Patrick A.
Blott, Intermap Chairman and CEO. "InsitePro puts complex
geospatial datasets and analytics into the hands of users who need
quick answers to business problems, not teams of geospatial
experts. InsitePro ensures underwriters and actuaries have access
to the best possible data and models to help them build flood
insurance offerings that can drive profitable premium growth within
existing regulatory frameworks. Flooding is a massive problem in
the U.S. and around the world, and effective insurance can mitigate
the hardship endured by tens of thousands of homeowners and
business owners each year."
Intermap Reader Advisory
Certain information provided in this news release constitutes
forward-looking statements. The words "anticipate", "expect",
"project", "estimate", "forecast", "will be", "will consider",
"intends" and similar expressions are intended to identify such
forward-looking statements. Although Intermap believes that these
statements are based on information and assumptions which are
current, reasonable and complete, these statements are necessarily
subject to a variety of known and unknown risks and uncertainties.
Intermap's forward-looking statements are subject to risks and
uncertainties pertaining to, among other things, cash available to
fund operations, availability of capital, revenue fluctuations,
nature of government contracts, economic conditions, loss of key
customers, retention and availability of executive talent,
competing technologies, common share price volatility, loss of
proprietary information, software functionality, internet and
system infrastructure functionality, information technology
security, breakdown of strategic alliances, and international and
political considerations, as well as those risks and uncertainties
discussed Intermap's Annual Information Form and other securities
filings. While the Company makes these forward-looking statements
in good faith, should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary significantly from those expected.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will
derive therefrom. All subsequent forward-looking statements,
whether written or oral, attributable to Intermap or persons acting
on its behalf are expressly qualified in their entirety by these
cautionary statements. The forward-looking statements contained in
this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or
to revise any of the forward-looking statements made herein,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and
headquartered in Denver, Colorado,
Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial
intelligence solutions. The Company's proprietary 3D NEXTMap®
elevation datasets and value-added geospatial collection,
processing, analytics, fusion and orthorectification software and
solutions are utilized across a range of industries that rely on
accurate, high-resolution elevation data. Intermap helps
governments build authoritative geospatial datasets and provides
solutions for base mapping, transportation, environmental
monitoring, topographic mapping, disaster mitigation, smart city
integration, public safety and defense. The Company's commercial
applications include aviation and UAV flight
planning, flood and wildfire
insurance, environmental and renewable
energy planning, telecommunications, engineering,
critical infrastructure monitoring, hydrology, land management, oil
and gas and transportation. For more information,
please visit www.intermap.com.
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SOURCE Intermap Technologies Corporation