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Neptune in the News: NFIP revamp of flood risk ratings echoes private sector approach

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Business Insurance

The National Flood Insurance Program is adopting an approach to rating flood risk employed by the private market for years that can more accurately capture an individual property’s true risk of flood, but there is uncertainty over exactly how the new rating system will work, while some critical problems such as how to deal with repeatedly flooded properties remain unaddressed by the new system.

“We’re going to change an insurance rating structure that hasn’t fundamentally been changed since the 1970s,” said David Maurstad, deputy associate administrator of the Federal Insurance and Mitigation Administration of the Federal Emergency Management Agency and chief executive of the NFIP. “We’re going to consider more flood risks than we currently do now. It is going to be based on replacement costs of the properties.”

More information about policyholder impacts will be released in the coming weeks, but the new rating system will be “data-driven” and factor in different variables rather than basing flood insurance premiums simply on whether or not a property is in a flood zone, Mr. Maurstad said. For example, the new system will determine a policyholder’s flood risk by incorporating elements such as different types of flooding — heavy rainfall from a hurricane, river overflow or coastal surge — and a building’s distance to a coast or river.

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Neptune Expands Coverage to 6 New States

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Neptune Flood, an all-digital online flood insurance company, has expanded its coverage to residents of Missouri, Colorado, New Hampshire, Rhode Island, West Virginia, and Indiana – bringing the total number of states with access to its flood protection to 27.

Neptune Flood offers a fully-automated service that allows homeowners to price their home’s risk for flood in real-time via advanced technologies and data analytics – offering quotes and the ability to buy flood insurance in under three minutes.

Neptune Flood offers coverage to people in all flood zones. The company’s advanced mapping technology offers highly accurate, real-time flood risk-evaluation.

Neptune Flood was founded in 2016 by insurance and technology industry veterans, including CEO Jim Albert, with a goal of bringing advanced analytics and ease of use to the flood insurance market. Neptune Flood’s policies are currently backed by global reinsurers rated “A” by A.M. Best. In January 2018, Neptune raised over $2mm in seed financing led by C1 Bank founder and former CEO Trevor Burgess who now serves as Neptune’s Chairman.

Neptune in the News: Online Flood Insurer Neptune Expands Coverage to 6 New States

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Insurance Journal

Neptune Flood, an all-digital online flood insurance company, has expanded its coverage to residents of Missouri, Colorado, New Hampshire, Rhode Island, West Virginia, and Indiana – bringing the total number of states with access to its flood protection to 27.

Neptune Flood offers a fully-automated service that allows homeowners to price their home’s risk for flood in real-time via advanced technologies and data analytics – offering quotes and the ability to buy flood insurance in under three minutes.

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Neptune in the News: Neptune Flood expands into six new states

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Insurance Business America

Neptune Flood, the first all-digital, online flood insurance company, has expanded into six new states, bringing the total number of states with access to Neptune Flood coverage to 27.

Neptune Flood is now offering policies to residents of Missouri, Colorado, New Hampshire, Rhode Island, West Virginia and Indiana, the company said.

The company’s fully automated service allows homeowners to price their home’s risk for flood in real time in order to get quotes and buy flood insurance in under three minutes. Neptune Flood also said that its flood-risk evaluation could be more accurate than those of the National Flood Insurance Program; nearly 80% of the properties flooded by Hurricane Harvey in 2017 were considered low-risk by the Federal Emergency Management Agency. Unlike some government flood maps, Neptune Flood’s mapping technology offers real-time flood-risk evaluation, the company said.

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Neptune in the News: Around the P&C insurance industry: Feb. 27, 2019

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Property Casualty 360

Beazley and Marsh teamed up to launch a cyber insurance cover and breach response designed to protect U.S. manufacturers against ever-evolving cyber risks. The program Manufacturer’s First Response offers coverages tailored specifically to address cyber and operational risks faced by manufacturers, including supply chain interruption, invoice manipulation, technology disruption, and e-crime losses from fraud.

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Neptune in the News: Insurtech, Hippo stringe partnership con Neptune Flood

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Insurzine

Innovative An insurance against floods. The startup insurtech Hippo Insurance has partnered with Neptune Flood to offer a home insurance policy that covers the flood risk. The partner was not chosen at random. Founded in 2017, Neptune Flood, it allows users to quote and purchase flood insurance in less than two minutes The savings, says the company, up to 20% from the National Flood Insurance Program (NFIP) of the US government. Neptune Flood has created a technology that allows an advance mapping of flood risk areas, offering to homeowners near the flood areas a better sense of their insurance needs.

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