University of South Florida Professor Dr. Philip Trocchia, who designed and conducted the 2023 Neptune/USF study of flood risk awareness said, "The consumer data indicate that individuals recognize the risk of flooding and revealed that the overwhelming majority (nearly 87%) of consumers characterize flood risk to be an important factor in their home purchase decisions. These and other findings highlight the continued need for education about flood risk and flood insurance, which in the United States is generally not included as part of a homeowners insurance policy and must be purchased separately either from the NFIP or from a private provider such as Neptune. Individuals who are 50 and over are more than twice as likely to view flooding as not being a significant risk for their homes than individuals who are under 35. Further, when combining moderate and high risk categories, young people see 63.2% likelihood of flooding, compared with only 47.6% for those 50 and over. For instance, only 6% of adults 34 and under see no risk at all of their residence flooding, where 12.5% of individuals 50 and over see no risk at all. Younger people (18-34) see a higher risk of their residence flooding than either of their older counterparts. 10.7% of respondent feel they are at no risk at all. Only about 1 in 9 feel they're at high risk (11.3%). Only 8% feel the risk is lower.Ĥ0.5% of respondents feel they're at moderate risk of flooding in the next five years. Nearly 2/3 (63.9%) feel the risk of flooding is higher than it was in past years. This year, the firm has made several enhancements to its optional coverages to further differentiate its offering from the NFIP.Ĭlients will now have access to higher limits for temporary living expense, pool coverage, unattached structures coverage, and for commercial clients, an option for replacement cost coverage on the building.Nearly 3/4 (73.2%) of survey respondents believe they had flood insurance on their primary living residence. “The Neptune platform continues to provide the most efficient and effective way to bring the strength and stability of A-rated global insurers and reinsurers to our rapidly growing customer base.” Neptune’s Chief Risk Officer, Matt Duffy, said: “Increasingly, homeowners are becoming aware that coverage available through the NFIP is insufficient to meet their needs in times of disaster. The growth of these partnerships demonstrates Neptune’s ongoing dedication to innovation and growth in the face of increasingly uncertain climate scenarios.īy leveraging the strength of these relationships and its AI driven underwriting solutions, the Florida-based organisation is prepared to meet the rising demand for private flood insurance and provide superior coverage that customers can depend on. This development means that Neptune is poised to deliver exceptional service and coverage to an ever-increasing number of clients, providing an effective alternative to the traditional National Flood Insurance Program through its instantaneous quote and bind solution. “Not only does this renewal and expansion indicate the health and vitality of our partnerships, but it also underscores our commitment to offering our customers the best possible flood insurance solutions.” Trevor Burgess, Neptune’s CEO said: “As we continue to expand our carrier programs and reinsurance relationships, we’re excited about what this means for our customers. This development further bolsters Neptune’s commitment to serving its existing 160,000 customers and provides over $100 million in additional premium capacity. Neptune Flood has announced significant growth in insurance carrier and reinsurer relationships, which is set to provide over $100 million in additional premium capacity.Ģ023-24 renewals have expanded Neptune’s network to 23 insurance carriers and reinsurers, backing six unique programs: AXA XL, MS Transverse, and four Lloyds affiliated programs.
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