Us private flood insurer Neptune Flood has secured over $300 million of premium capacity for the 2024 hurricane season, which is predicted to be more intense compared to other years.
The increased capacity positions the company to write over $100 billion in insurance and protect up to 100,000 additional homes and businesses.
Neptune’s risk-taking panel has expanded to include 25 insurance and reinsurance partners, all of whom subscribe to Neptune’s proprietary AI underwriting system, Triton, which has been created for precise and efficient risk assessment.
Trevor Burgess, CEO of Neptune Flood. Commented: “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.”
Managing Director and CRO Matt Duffy, added: “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.”
