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
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
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