New insurance solution client
represents continued expansion into admitted market
Intermap supports climate resilience during
record drought in the West
Strong renewals and MRR up 9.8% since year
end
DENVER , April 5,
2022 /CNW/ - Intermap Technologies (TSX: IMP) (OTCQX:
ITMSF) ("Intermap" or the "Company"), a global leader in geospatial
content development and intelligence solutions, today announced
that a second top-10 U.S. insurer started a three-year subscription
to InsitePro®, Intermap's SaaS package that delivers
property-specific risk analytics for underwriting flood insurance
anywhere in the U.S. and Canada,
using proprietary, global, 3D elevation data.
The U.S. private flood market has grown at a CAGR of 20% since
2016. Through 2021, the market growth has accelerated in response
to a hardening property insurance market and the rollout of the
National Flood Insurance Program's Risk Rating 2.0 updates.
InsitePro revenue growth mirrors the private flood market over that
period, including a 38% growth in MRR between December 2020 and December
2021. With the latest subscriptions and renewals,
InsitePro's MRR for April has risen by 9.8% since the end of
2021.
Intermap's newest client is its second subscription among the
top-10 U.S. property and casualty insurers based on 2020 net
premiums written (source: AM Best). The subscription will enable
the new client to expand into private flood insurance, the market
segment of flood insurance not underwritten by the National Flood
Insurance Program (NFIP) or underwritten as a part of the NFIP's
Write Your Own (WYO) program.
The subscription comes as InsitePro continues with strong
renewals in 2022, including most recently a major commercial
insurer and California Flood Insurance, a managing general agency
(MGA) with underwriting authority on behalf of several Lloyd's of
London syndicates. Natural
catastrophe insurance in California is poised to be especially
difficult with drought and wildfire likely to again cause
record-level losses. Drought conditions complicate flood risk by
making the ground less permeable and areas recently burned by
wildfire prone to flooding. A recent study found that more than
half of the days with extremely high wildfire risk in parts of the
Pacific Northwest, Idaho,
Nevada and Utah could be followed by severe downpours
within a year (source). Intermap's California clients require the best data and
analytics available to maintain profitable portfolio growth.
Private flood insurance is one of the largest untapped sources
of new premium for U.S. insurers, with over $5 billion in unwritten premium available on the
85% of property in the U.S. currently not covered for flood (source
iii and U.S. Census). This source of available premium, supported
by robust and mature underwriting analytics such as InsitePro, is
attracting more interest from the insurance industry than ever. The
largest U.S. insurers, especially admitted insurers that work
within the regulatory frameworks of state Departments of Insurance,
are beginning to participate in flood insurance for the first time.
There are approximately 2,500 admitted insurers in the U.S.,
representing a new and unserved market for InsitePro.
"Intermap's U.S. insurance business is continuing its strong
growth in 2022," said Patrick A.
Blott, Intermap's Chairman and CEO. "Flood risk is a
geospatial problem, and InsitePro solves it for underwriters. We
help clients grow their written premium, enabling the international
risk diversification market to reduce the amount of emergency funds
paid by the federal government every year to help property owners,
including homeowners, recover from severe flood damage."
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
