Reinsurance News

TypTap expands to six new states

29th December 2020 - Author: Charlie Wood

HCI Group-owned insurtech TypTap has received regulatory approval to write homeowners insurance in the states of Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah.

HCIThe approvals are part of TypTap’s planned nationwide expansion, which it announced in August.

The company, which provides homeowners and flood insurance, had asked Florida insurance regulators for approval of its expansion plans.

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’s goal is to generate more than $5 billion in revenue with a 10% operating margin by 2030.

“TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the US,” 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.”

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