DENVER — (BUSINESS WIRE) — November 28, 2011 — Intermap (TSX: IMP), a leading provider of location-based information (LBI) solutions created from its uniform, high-resolution 3D digital models of the earth’s surface, today announced it has entered into an agreement with AIR Worldwide, the scientific leader and most respected provider of catastrophe risk modeling software and consulting services, to provide high-resolution elevation data to be used in the development of new catastrophe models for select European countries. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq: VRSK).
“We’re thrilled to be working with a recognized leader in catastrophe risk modeling; AIR Worldwide,” said Todd Oseth president and CEO Intermap. “Our NEXTMap database will enable AIR to provide a comprehensive, high-resolution solution for assessing and managing flood risk across Europe.”
AIR Worldwide will integrate Intermap’s NEXTMap® database with AIR’s cutting edge catastrophe modeling capabilities, to develop high-resolution inland flood models for European countries. The 5 meter resolution data provided by Intermap, coupled with AIR’s global climate and numerical weather prediction models, will lead to the expansion of AIR’s suite of high-resolution inland flood models for Europe.
“As more homes and businesses are constructed in flood-prone locations, insurers need better methods for assessing inland flood risk,” said Jayanta Guin, Ph.D., senior vice president of research and modeling at AIR Worldwide. “We’re pleased to be working with Intermap and incorporating its NEXTMap database to develop a new generation of models that will enable insurers to better underwrite and manage their risk from flooding both on and off floodplain.”
The purpose of catastrophe modeling is to help companies (or public entities) anticipate the likelihood and severity of potential future catastrophes before they occur so that they can adequately prepare for their financial impact. By combining mathematical representations of the natural occurrence patterns and characteristics of hurricanes, tornadoes, earthquakes, severe winter storms and other catastrophes, with information on property values, construction types, and occupancy classes, these simulation models provide information to companies concerning the potential for large losses.
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, agricultural risk management, and property replacement-cost valuation. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq: VRSK) and is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
Headquartered in Denver, Colorado, Intermap ( www.intermap.com) is a leading provider of Location-Based Information (LBI), setting the industry standard for creating high-resolution 3D digital models of the earth’s surface. The Company has remapped entire countries, to build NEXTMap® national databases consisting of affordably priced elevation data and geometric images of unparalleled accuracy. Turnkey solutions can be purchased from the Company’s NEXTMap Online Store, a hosted web services platform offering a variety of subscription levels by geography, data-layer, individual or enterprise wide license. Intermap’s cloud-based hosted model offers customers the most convenient and affordable method to satisfy a customer’s needs with both a Platform as a service (PaaS) and Software as a service (SaaS) options. For more information about Intermap’s web services please visit http://www.intermap.com/en-us/purchase.aspx.
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