AXA XL teams up with Neptune to offer flood insurance
AXA XL has entered a strategic underwriting partnership with Neptune Floodto expand Neptune Flood Insurance’s capacity to homeowners throughout the US.
Neptune Flood in the first all-digital flood insurance program administrator. It allows agents and direct buyers to quote and bind a flood insurance policy in minutes, using data analytics. It offers coverage to residences in all flood zones, including non-mandatory X zones that have been hit so hard in recent years.
Chris Bressette, head of AXA XL’s North America program business, said: “Private residential flood insurance in the US has emerged as a rare growth opportunity in an otherwise crowded P&C market.”
Bressette praised Neptune’s strong technical analytic capabilities, deep understanding of related legislative issues and “unique and responsive client service platform.”
In the aftermath of Hurricanes Harvey and Florence more than 70 percent of the losses were to homeowners without insurance, and over 70 percent were in flood zones where they were not required to have flood insurance, Neptune said.
Jim Albert, CEO of Neptune Flood Insurance, said he hoped the partnership would accelerate Neptune’s growth and help it expand its strategic alliances and coverage territory.
“The additional capacity and underwriting expertise of AXA XL will expand the availability of private flood and ultimately change the way homeowners buy flood insurance,” he added.
