Aon & Intermap collaborate to enhance underwriting, risk management and portfolio modelling

Intermap Technologies, a global firm specialising in 3D geospatial products and intelligence solutions, has formed a strategic collaboration with Aon’s Impact Forecasting to enhance underwriting, risk management and portfolio modelling.

Intermap’s comprehensive solutions will now enable insurers to access IF’s hazard and risk maps, while improving solutions across the entire insurance cycle, from underwriting and reinsurance to claims adjustment.

The partnership deepens Intermap’s insurance industry footprint, which is experiencing significant change due to the increasing frequency and severity of claims.

Patrick A. Blott, Chairman and Chief Executive Officer, Intermap, commented: “This partnership strengthens Intermap’s position in the global insurance market. Aon’s Impact Forecasting data complement our 3D data, models and solutions, enabling underwriters to offer property-specific solutions to clients and provide the best policies for their customers, covering the entire insurance life cycle, from underwriting to valuation and risk measurement to claims management and reporting.”

Several recent reports disclosed natural catastrophe-insured losses exceeded $100 billion for the fourth consecutive year in 2023, above the 10-year average of $89 billion. The annual insured losses are expected to grow by 5-7% long term, with today’s insured losses possibly doubling in 10 years.

Storms have emerged as the second largest cause of losses, behind only tropical cyclones. In Europe, where Intermap’s Aquarius RMA serves its insurance, financial services and real estate customers, insured losses from storms have been growing rapidly,  exceeding $5 billion annually since 2021.

Market research estimates the global commercial flood insurance market will grow at a 14.1% compound annual growth rate from 2024 to 2033.

As part of the initial phase of the collaboration, Generali CEE will integrate IF’s Flood and Earthquake Hazard Datasets into Intermap’s fastest-growing segment Aquarius RMA solution to complement Intermap’s Flood Hazard Maps.

Samuele Borghi, Head of Regional Corporate & Commercial at Generali CEE Holding, added: “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.”

Adam Podlaha, Global Head of Aon’s Impact Forecasting, stated: “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 endeavours.”

Intermap’s global software-based commercial risk business is growing strongly, at a 9% compounded annual growth rate since 2021, driven by attractive contract renewal economics and greater monetisation opportunities.

Intermap intends to expand to East Asia Pacific, and South Asia regions where protection gaps are larger, flood-related climate factors are more frequent and severe, and approximately 65% of the world’s population according to the World Bank live in high-risk flood zones.

Intermap is currently collecting market-leading data inputs in Indonesia, the largest regional market outside of China, where the World Bank estimates 27% of the population is exposed to significant flood risk. The growing peril threat is clear in this region of the world and estimates show the protection gap in Asia Pacific is over 90%.

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