Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or "Company"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce another insurance national account win - its third year-to-date.
Water-related claims are one of the largest sources of claims for the insurance market in the United States. Insurance companies value ALD's delivery of minimally-invasive water leak detection and repair solutions anywhere, anytime across the United States. Today's win is with one of the fastest growing national insurance carriers.
The Company's latest business-to-business account reinforces the sustainability of Water Intelligence's growth trajectory for its insurance channel. As discussed in recent trading updates, the business-to-business insurance channel grew 20% year-over-year for full year 2020 vs. 2019 and kicked-off this year with 19% growth for 1Q 2021 over 1Q 2020.
Executive Chairman, Dr. Patrick DeSouza commented: "We are appreciative of the recognition that we are gaining across the United States with homeowners and insurance companies. We will continue to build on our value proposition of minimally-invasive leak detection and repair and our reputation for excellence in delivering solutions across the United States. We seek to capture more and more of the $13 billion insurance market for water-related claims."
Commenting on the Group's performance, Executive Chairman, Dr. Patrick DeSouza remarked:
"Once again we are reporting outstanding results. We are racing ahead as an 'essential service provider' offering valuable water-related solutions to our residential, commercial and municipal customers during this late-Covid period. As noted in a recent release, even as we move beyond Covid, we expect that market demand for our solutions will only increase as a result of the Biden Administration's American Jobs Plan and its anticipated $100 billion investment in water infrastructure.
We are exceptionally pleased that each of our key performance indicators is strongly positive as we pass the mid-point of the second quarter. We are building on a great 2020 and proud that we have consistently delivered while scaling operations over the last five years. As our profits increase, we are committed to reinvest not only in more execution capabilities for current market capture but also in leading technologies that reinforce our brand and our growth throughout this decade. We have a strong matrix of clean water and wastewater solutions and we aim to be market leaders with respect to the world's most precious resource."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014