European providers adopting Intermap’s natural hazard data and applications
Continuing to supply major national insurance clients with natural hazard analytics
DENVER, CO - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) (“Intermap” or the “Company”), a global leader in geospatial content development and intelligence solutions, today announced the expansion of insurance and reinsurance products and services across Europe.
Intermap expanded its software contract with Generali Group by adding Generali Serbia to the existing subscription. Generali is the second-largest insurance company in the Serbian insurance market, and it will use Intermap’s Aquarius RMA solution, customized for Serbia with new and precise flood hazard maps and analytics, to grow their flood insurance premium. Aquarius RMA is Intermap’s cloud-based flood risk solution for primary insurers and reinsurers across the Central and Eastern European (CEE) market.
Subscription revenue in Europe is growing as more solutions are delivered to existing and new clients across the region. In the first half of 2021 ending June 30, Intermap’s European software subscription bookings grew 42% over the first half of 2020. The Company’s insurance products and services include software applications and analytics for risk assessment as on-premise solutions or cloud-based subscriptions for flood, wildfire, landslide and earthquake hazard maps as well as for elevation profile analysis and drone and AI applications. Intermap also offers reinsurance analytics services, including bulk geocoding and address/parcel cleansing, floaters redistribution, accumulation, choropleth maps, portfolio analysis and natural catastrophe and probable maximum loss modeling.
Based in Prague, Intermap’s European Operations Group supplies insurance and reinsurance solutions to major national insurance players in the Czech Republic and Slovakia. In the reinsurance industry, the Company is partnering with reinsurance brokers to deliver modeling of catastrophic flood exposures. Intermap is aggressively expanding its insurance and reinsurance offerings across CEE and Russia.
“Intermap’s solution will provide Generali Serbia with a consistent approach during the whole portfolio life cycle, from underwriting to reinsurance,” explained Nevena Paunovič, Reinsurance Manager of Generali Reosiguranje Srbija, a.d.o. “We will use the same Intermap flood risk information during underwriting and the yearly reinsurance renewals. This consistency will help us to cede the appropriate amount of risk to reinsurance, allowing us to maximize the value of our reinsurance coverage.”
“Our presence in the European flood market is growing rapidly,” said Patrick A. Blott, Intermap’s Chairman and CEO. “We have a long history in the European insurance industry, and we are extending our reach across the continent, expanding our business with existing customers and partners as well as winning new ones. More than ever, it is vital to understand flood risk, and Intermap offers the best solutions in the world.”
Learn more about our European offerings at www.intermap.com/european-solutions
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