Intermap Announces Strategic Partnership with Aon

Global impact forecasting partnership enhances underwriting, risk management and portfolio modeling

DENVER, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced a strategic collaboration with Aon’s Impact Forecasting (“IF”) to enhance underwriting, risk management and portfolio modeling.

This collaboration enables insurers to access IF’s hazard and risk maps through Intermap’s solutions and further enhances its already comprehensive solutions covering the whole insurance cycle, from underwriting through reinsurance to claims adjustment. The partnership deepens Intermap’s insurance industry footprint, as the industry undergoes secular change stemming from increased frequency and severity of claims.

The Insurance Journal recently reported natural catastrophe-insured losses exceeded $100 billion for the fourth consecutive year in 2023, above the 10-year average of $89 billion, and annual insured losses are expected to grow by 5-7% over the long term, with today’s insured losses possibly doubling in 10 years. The increased frequency and duration of extreme weather events has caused storms to rise to the second largest loss-making peril, behind only tropical cyclones. In Europe, where Intermap’s Aquarius RMA serves its insurance, financial services and real estate customers, insured losses from storms are growing the fastest, exceeding $5 billion annually since 2021. In response to this growing threat of water-based natural catastrophes, market research estimates the global commercial flood insurance market will grow at a 14.1% compound annual growth rate from 2024 to 2033.

As a first implementation of Intermap’s collaboration with Aon, Generali CEE will integrate IF’s Flood and Earthquake Hazard Datasets into Intermap’s Aquarius RMA solution to complement Intermap’s Flood Hazard Maps.

“We see this collaboration as strengthening the link between Generali’s portfolio reinsurance coverage and individual risk assessment, ultimately providing more accurate and effective risk management solutions for our clients,” said Samuele Borghi, Head of Regional Corporate & Commercial at Generali CEE Holding.

“I am very excited to be part of this collaboration, which underlines Aon’s approach to responding to client and industry need and working together to deliver efficient solutions that ultimately drive better business decisions and profitable growth. This is just the start, and I am looking forward to our future projects and endeavors,” said Adam Podlaha, global head of Aon’s Impact Forecasting.