Neptune Flood, a private flood insurance provider, reported this week that it has surpassed $300 million in premium in force and over $100 billion in total insured value. The company also reported more than 235,000 policyholders across 49 states and Washington, D.C., with plans to expand into Alaska.
Neptune Flood was founded in 2018 and has focused on replacing legacy systems with technology-driven processes. The firm said its use of artificial intelligence and machine learning has allowed it to offer rapid quotes and policy issuance.
The figures mark a significant increase for the private flood insurance sector, which has grown in recent years amid concerns over the sustainability of the federal National Flood Insurance Program (NFIP), the company highlighted. In a statement, CEO Trevor Burgess said the milestone demonstrates a growing demand for private flood coverage. “Reaching $300 million in premium in force is a testament to our mission of making flood insurance accessible, affordable, and easy to obtain,” he said.
The company identified Florida as the state with the most policies, while South Carolina leads on a per capita basis. Harris County, Texas, holds the highest number of policies among counties.
Chief customer officer Jean-Luc Eckstein cited the importance of user experience and customer service in the firm’s strategy. “This milestone reflects not only the strength of our technology but also the dedication of our team,” he said.
Since its launch, Neptune has paid more than $250 million in claims, with the most claims arising from Hurricane Helene in 2024. It currently partners with 25 insurance and reinsurance firms to support underwriting and claims operations. Its product offerings include both primary and excess private flood insurance, as well as parametric earthquake insurance.
The expansion of private flood coverage comes as climate change and development in high-risk zones continue to increase flood exposure nationwide. According to FEMA, flooding is the most common and costly natural disaster in the US, yet many homeowners remain uninsured.
The NFIP, which provides the majority of flood insurance policies in the country, has faced budget deficits and criticism for outdated risk maps and pricing models. In response, private insurers have entered the market with alternative risk assessment tools and faster service delivery models.
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