US private flood insurer Neptune Flood has secured over $300 million of premium capacity for the 2024 hurricane season.
The insurer noted that the new capacity signifies a commitment to providing a reliable alternative to the US government’s National Flood Insurance Program (NFIP).
As part of the increased capacity, Neptune Flood now has the capability to write over $100 billion in insurance to cover its expanding customer base. The firm’s risk panel has also been expanded, and now includes 25 insurance and reinsurance partners, all of which are subscribed to Triton – Neptune Flood’s AI underwriting system – for efficient risk assessment.
Neptune Flood noted that many homeowners are not aware that their coverage does not include damage caused by flooding, which creates the need for a separate flood insurance policy. This has led to widespread underinsurance, with less than 3% homes in the US having flood cover.
With secured capacity on hand, Neptune Flood explained that it can now allow for tens of thousands more homes to be covered ahead of what is projected to be a record-breaking hurricane season in the US.
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“Securing this level of premium capacity is a strong endorsement of our innovative approach to flood insurance. With Triton, we have set a new benchmark for underwriting efficiency and accuracy, and our 25 partners are integral to our ability to deliver exceptional service and coverage to our customers at a fair and accurate price. We thank our 2024-2025 panel of capacity providers for their unwavering support,” Neptune Flood CEO Trevor Burgess (pictured above) said.
“Our mission is to redefine flood insurance through the advanced use of artificial intelligence and machine learning. This additional capacity allows us to better serve our customers and support our agency partners as we head into the 2024 hurricane season and beyond,” managing director and CRO Matt Duffy added.
As of today, Neptune Flood serves over 185,000 policyholders across the US via more than 20,000 agents nationwide.
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