Private US flood insurer Neptune Flood has secured more than $300 million in premium capacity for the 2024 hurricane season.

The insurer noted that the new capacity signals 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 capacity to write more than $100 billion worth of insurance to cover its expanding client base. The company’s risk panel has also been expanded, and now includes 25 insurance and reinsurance partners, all of whom subscribe to Triton – Neptune Flood’s AI-based underwriting system – to efficiently assess risks.

Neptune Flood noted that many homeowners don’t realize that their coverage does not include flood damage, creating the need for a separate flood insurance policy. This has led to a widespread lack of insurance, as less than 3% of homes in the United States have flood coverage.

With guaranteed capacity, Neptune Flood said it can now enable coverage of tens of thousands of additional homes ahead of what is expected to be a record hurricane season in the United States.

Read more: Neptune Flood expands the offerings

“Securing this level of outstanding capacity is a strong endorsement of our innovative approach to flood insurance. With Triton, we have set a new standard for underwriting efficiency and accuracy, and our 25 partners are integral to our ability to deliver exceptional service and coverage to our clients at a fair and accurate price,” said Trevor Burgess. , CEO of Neptune Flood (pictured above): “We thank the 2024-2025 capacity provider team for their unwavering support.”

“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 clients and support our agency partners as we head into the 2024 hurricane season and beyond,” added Matt Duffy, Managing Director and Client Relations Manager. “.

As of today, Neptune Flood serves more than 185,000 policyholders across the United States through more than 20,000 agents nationwide.

What do you think of this story? Feel free to share your comments below.