Intermap Announces Contract with Slovak Insurance Association

Letter of intent signed by SLASPO to provide major insurers with a comprehensive flood risk solution through recurring subscriptions

DENVER, July 17, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced SLASPO (“Slovak Insurance Association”) has signed a letter of intent stating that multiple insurers in Slovakia have agreed to enter negotiations to finalize subscriptions to Intermap’s flood risk software solution and hazard maps.

This milestone agreement represents a significant step forward in enhancing the insurance industry’s ability to effectively manage flood risk and provide accurate property risk evaluations. Intermap’s flood datasets and unique software streamline insurance analytics and geocoding capabilities, enabling insurance companies to provide comprehensive property-specific underwriting. Each insurance company under the multi-license contract will have access to Intermap’s next-generation flood hazard maps and risk analytics. Intermap’s current insurance clients in Slovakia include Allianz and Generali. Contract negotiations with additional members of the Slovak Insurance Association will take place over the next several months.

“Slovak Association of Insurers welcomes finalization of the Mutual Agreement with Intermap, with the aim to start business negotiations with member insurance companies of the Association to better assess flood risk in Slovakia,” said Martin Kaňa, Executive Director of Slovak Insurance Association. “We believe that with higher impact of climate change, the full-scale use of Intermap’s flood map products will enable the insurance sector to better assess flood risk in the Slovak market. At the same time, it will help future underwriting and property insurance pricing.”

“With the increasing number of catastrophic flooding events around the world, our solution will enable the Slovakian insurance industry to better manage flood risk,” said Patrick A. Blott, Intermap Chairman and CEO. “This collaboration highlights the importance of our comprehensive insurance solutions in addressing the rising threat of flooding worldwide and demonstrates our commitment to supporting the resilience of the insurance industry.”