Start-ups are seeing an opportunity in providing private flood insurance that assesses risk property by property. CNBC’s Contessa Brewer reports.
AXA XL is partnering with digital private flood insurance program manager Neptune Flood in a strategic underwriting partnership that will more than double Neptune’s capacity across the country.
According to CEO Jim Albert, the new partnership doesn’t change Neptune’s core coverage offering, which includes replacement cost, temporary living expense, basement contents, pool repair/refill and detached structures. Neptune provides limits up to $2 million in coverage for property and $500,000 for contents with a reduced waiting of 10 days vs. the 30-day waiting period under the NFIP. There’s no waiting period for loan transactions.
AXA XL has entered a strategic underwriting partnership with all-digital flood insurance program administrator Neptune Flood Insurance.
The partnership will expand Neptune Flood Insurance’s capacity to homeowners in the US, a release said.
“Private residential flood insurance in the US has emerged as a rare growth opportunity in an otherwise crowded P&C market. We are thrilled to be working with such a capable delegated program administrator partner,” said AXA XL North America senior vice-president and head of program business Chris Bressette.
Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy.
california-sonoma-floodsIt’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US.
Property Casualty 360
Wholesale insurance broker All Risks, Ltd. announced the addition of New York state to QuickHome’s online residential flood quoting platform. This residential flood product is powered by Neptune Flood and boasts a quick sales process, advertising that personal flood coverage can be purchased online in three minutes or less. With the addition of New York, this product is available in 32 states with a variety of coverage options for homeowners.
Residents and the insurance industry in Southeast states are feeling relieved after Hurricane Dorian grazed the U.S. coastline last week just days after it caused catastrophic damage in the Bahamas.
While the storm was at one point a Category 3 as it headed toward South Carolina, it ultimately stayed mostly offshore, bringing some flooding and damage but mostly sparing the region – a dramatic difference than what Dorian did to the Bahamas when it hit several islands with 210 mph winds. Damage estimates there have reached as high as $7 billion.
“Things are always working out for you.”
That’s the spirit and inspiration behind Oprah Winfrey’s newest book, “The Path Made Clear: Discovering Your Life’s Direction and Purpose,” (Flatiron Books, 2019). The book weaves together Winfrey’s personal anecdotes with pearls of wisdom from such well-known contemporary luminaries as Jay-Z, Ellen DeGeneres, Elizabeth Gilbert and Eckhart Tolle.
The media magnet says her hope for the book is that it will help readers discover not only who they are but who they’re meant to be.