Florida InsurTech insurer and subsidiary of HCI Group, TypTap Insurance Company, has announced plans to expand nationwide.
The company, which provides homeowners and flood insurance, has asked Florida insurance regulators for approval of its expansion plans.
With that approval, TypTap can then seek approvals from regulators in other states and expand its operations across the nation.
Since the beginning of 2019, TypTap’s premiums in-force for homeowners insurance, its flagship product, increased 2,202%.
Total premiums in-force for the company recently surpassed $75 million.
“TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the U.S.,” said TypTap President Kevin Mitchell.
“We intend to duplicate that success nationwide. Our expansion plans will increase our total addressable market from approximately $11 billion within Florida to over $105 billion,” he said.
According to Mitchell, TypTap’s goal is to generate more than $5 billion in revenue with a 10% operating margin by 2030.