Top-10 U.S. Insurer Subscribes to Intermap's InsitePro®
Intermap Technologies (OTCQX: ITMSF) has secured a three-year subscription from a second top-10 U.S. insurer for its InsitePro® SaaS platform, which specializes in flood insurance risk analytics. This subscription aligns with the growing private flood market, which has seen a CAGR of 20% since 2016. Intermap's monthly recurring revenue (MRR) rose by 9.8% from year-end 2021, reflecting robust market demand. The private flood insurance segment represents over $5 billion in unwritten premiums, and Intermap's innovative analytics are expected to aid insurers in capturing this market opportunity.
- Secured a subscription from a second top-10 U.S. insurer for InsitePro®.
- Monthly recurring revenue (MRR) increased by 9.8% since year-end 2021.
- Private flood insurance market growth aligns with Intermap's revenue trajectory.
- None.
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
DENVER , April 5, 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 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
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
"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."
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.
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
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