Intermap Technologies has signed an agreement with the Slovak Hydro-Meteorological Institute (SHMU) in Bratislava for the co-operative development of a windstorm evaluation and risk management tool that will complement the Company’s existing risk management platform.
Intermap’s insurance risk management platform includes a detailed flood risk map of the Slovak Republic that has been successfully utilised by three major insurers in the Slovak Republic since 2006. The partnership with SHMU will create a new product for the insurance industry that evaluates and performs risk assessment of windstorms. The windstorm risk layer will seamlessly integrate into the existing risk management platform for the Slovak Republic. The entire project is being conducted in cooperation with the Slovak Insurance Association.
The last significant windstorm in the Slovak Republic in 2004 inflicted serious damage over an area of more than 200 square kilometers. The storm affected more than 5,000 people who were cut off from municipal infrastructure and trapped within the damaged areas. Over 1,500 of those affected were left without water supply, electricity, and sewage. It took more than 9 months to repair major traffic corridors. Financial losses directly attributed to the windstorm were estimated at approximately 400 million dollars.