Innovative technology transforms the flood insurance process at Neptune Flood.
Neptune Flood has announced a major milestone, surpassing $300 million in premiums and marking its growth in the private flood insurance market. With over $100 billion in insured value, the company serves 235,000 policyholders nationwide. Utilizing a proprietary AI-driven underwriting platform, Neptune aims to modernize flood insurance access, especially as traditional methods face challenges. Collaborating with multiple insurers, the company continues to grow, including an upcoming expansion into Alaska, amidst strengthening legislative support for private flood insurance options.
St. Petersburg, Florida – Neptune Flood announced on May 1 that it has surpassed $300 million in premiums, marking a significant milestone in the company’s growth and the expansion of the private flood insurance market. With an insured value exceeding $100 billion, Neptune continues to strengthen its presence, serving over 235,000 policyholders across 49 states and Washington, D.C.
The company’s rapid growth is largely attributed to its proprietary AI-driven underwriting platform, which allows for instant quotes and simplifies the flood insurance purchasing process. This innovative technology positions Neptune as a leader in modernizing the flood insurance landscape, especially as homeowners face increasing challenges in securing coverage through traditional means.
CEO Trevor Burgess highlighted that reaching this premium threshold signifies the increasing robustness of the private flood insurance market. Private insurers like Neptune are stepping forward with scalable alternatives as the federal National Flood Insurance Program (NFIP) grapples with various issues, including financial sustainability and coverage limitations.
Established in 2018 and headquartered in St. Petersburg, Neptune Flood has already paid out more than $250 million in claims. Notably, the company experienced the highest number of claims during Hurricane Helene in 2024, demonstrating the critical role it plays in providing support to affected residents.
To enhance its services, Neptune collaborates with 25 insurers and reinsurers, which reinforces its capacity to manage large volumes of claims effectively. The company is also preparing to expand its operations into Alaska, further broadening its market reach.
The growth of the private flood insurance market is crucial, especially in Florida, where only about one-third of homes in flood zones are currently covered. Legislative efforts are in motion to promote private flood insurance as a viable alternative to the NFIP, aiming to ensure more homeowners have access to the necessary coverage.
In related developments within the Floridian economy, several notable events occurred recently. Kevin Thibault has joined American Structurepoint as a principal in its Florida Transportation Group, collaborating with the Florida Department of Transportation and local municipalities. This shift could enhance transportation infrastructure planning and development in the region.
Seacoast Banking Corporation has opened a new full-service branch in Tampa’s Midtown district, located at 1150 Assembly Drive, Suite 200, aimed at improving banking accessibility for local residents. Similarly, T&T Construction Management Group has expanded its operations by launching a new office and work yard in Tampa, marking its fourth location and its commitment to regional development.
In the fitness industry, CR Fitness Holdings, the largest franchisee of Crunch Fitness, has acquired nine 24 Hour Fitness gyms in Miami and Orlando, with renovations on the agenda to enhance these facilities. This acquisition signifies an ongoing trend of consolidation within the fitness sector.
The Tampa General Hospital announced the appointment of Jennifer Crabtree as president of the Tampa Medical & Research District, effective October 1, solidifying leadership in the region’s healthcare advancements.
Recognizing contributions to the community, the Tampa Bay Lightning and the Vinik Family Foundation honored local leader Irv Cohen, celebrating his impact on economic development and nonprofit leadership in the area.
On the technology front, Trofeo, a Microsoft cloud services provider, has entered into a strategic partnership with NextPath Career Partners, a recruiting firm, to deliver combined technology and staffing solutions, aiming to improve local business operations and efficiency.
Lastly, as part of a move to attract high-end clientele, developers of Hotel ORA + Private Residences have launched an innovative virtual reality experience to market their $675 million luxury condo-hotel project in downtown Tampa, funded with an investment of $880,000. This initiative reflects a growing trend towards utilizing technology in real estate marketing.
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