Intermap's new client is a market leader in raising property owner awareness of flood resilience and flood insurance. Flood Insurance Guru helps its clients mitigate flood damage to prevent losses and customizes insurance solutions from the private flood insurance market to cover the property's real flood risk. InsitePro's property-specific risk assessments will help Flood Insurance Guru ensure its customers understand their flood risk and buy the correct coverage.
"Our goal is to help people know the flood risk, understand the risk and reduce the risk," said Chris Greene, President of Flood Insurance Guru. "This will help reduce long-term flooding on a property and help create long-term flood insurance rate stability."
The U.S. private flood market has grown at a CAGR of 20% since 2016. The beginning of 2022 has shown accelerated market growth in response to a hardening property insurance market and the rollout of the National Flood Insurance Program's Risk Rating 2.0. InsitePro revenue growth has mirrored the private flood market over that period, including a 12-month growth in MRR of 38% through December 2021.
"Intermap's U.S. insurance business continues its strong growth through Q2 2022," said Patrick A. Blott, Intermap's Chairman and CEO. "Flood risk is all about elevations, and InsitePro delivers flood risk solutions for broking and underwriting based on the best elevation data available. We help the insurance industry understand and diversify flood risk, which will reduce the amount of emergency funds paid by the federal government every year to help property owners, including homeowners, recover from severe flood damage."
To learn more about Intermap's insurance solutions, visit www.goinsitepro.com and www.intermap.com/insurance.
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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