USAA expanded its safe driving app into 10 additional states. Neptune Flood has launched its latest capacity program, which is designed to help provide a private flood insurance alternative to the federally-backed National Flood Insurance Program.
USAA has expanded its SafePilot app into 10 additional states.
The new states include Alaska, Arkansas, Iowa, Idaho, Kentucky, Maryland, Missouri, Montana, New Mexico and Tennessee, with the program now offered in 16 states total. Expectations are that it will launch in most states in 2021.
The USAA SafePilot app is designed to instruct, inspire and reward safe driving habits to help keep drivers safe on the road while lowering insurance premiums. Members who enroll in SafePilot are now eligible for initial policy discounts up to 10 percent for signing up for the program, and continued policy discounts up to 30 percent for safe driving behaviors.
Neptune Flood has launched its latest capacity program, sponsored by Transverse Insurance Group and backed by a panel of global reinsurers.
The program was placed through Acrisure Re (formerly Beach & Associates). Neptune policies placed with the program will carry the Transverse AM Best A- (Excellent) rating.
The $30 million premium capacity program will help Neptune, a digital flood insurance company, to meet demand for its flood insurance alternative to the government backed NFIP program. The program will look to protect approximately $10 billion in home and business value from the catastrophic risk of flooding. Hurricane season begins on May 15 and on the back of last year’s record number of storms, is expected to be another above-average season.
In the 2021 renewal season Neptune has also increased its capacity at Lloyds by over 50 percent and secured a material increase in its program with AXA XL.
Sources: USAA, Neptune Flood