According to Neptune Flood, customers can now ask questions about coverage and receive an instant preliminary quote through a conversational AI interface, “simplifying the way flood protection is understood and purchased.”

The firm said the development builds on its direct-to-consumer, real-time quoting infrastructure and complements its nationwide network of independent agents, digital partners and instant online quoting platforms.

Trevor Burgess, Chairman and CEO of Neptune Flood, commented, “Flood insurance should be easy to understand and easy to buy.

“Our app in ChatGPT allows us to meet customers where they are and make protection more accessible for families and businesses nationwide. Neptune is an AI native company, and we are excited to be pioneering technological advancements for the benefit of consumers.”

Dr. Tom Wexler, Neptune’s Chief Engineer, said, “We architected our proprietary underwriting system, Triton®, as a modular, API-first underwriting system specifically so it could integrate into new digital environments like ChatGPT.

“Using the Model Context Protocol (MCP), a lightweight API layer securely orchestrates data retrieval, risk modelling, and rating in real time on top of our existing underwriting infrastructure.

“Because our underwriting stack is fully automated and cloud-native, we can extend instant quoting into conversational AI without changing our core workflow.”

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The Northern Territory flooding includes Katherine and surrounding regions, while the Queensland event includes the Bundaberg region and Burnett River catchment.

Insurers have started receiving claims across both affected regions, with numbers expected to rise in the coming days. The ICA said it is too early to estimate the total insurance damage bill.

The immediate priority is ensuring the safety of communities dealing with serious and fast-moving flood events in both regions.

The ICA said it will continue working with governments as communities recover and will provide updates on claims as more information becomes available.

Andrew Hall, CEO of Insurance Council of Australia, said, “Insurers’ first priority is community safety and we strongly encourage everyone impacted by these flood events to avoid any activity that could put their safety at risk.

“Our advice to affected policyholders is to lodge a claim as soon as you can, even if you don’t yet know the full extent of the damage.

“Lodging via your insurer’s online portal is generally the quickest way to get the process started.

“Communities in the NT and along the Queensland Coast have long lived with flood risk, but the gap between what’s been built to protect them and what’s needed remains far too wide.

“These events are another reminder that all levels of government must invest in resilience before disaster strikes, not just recovery after the damage is done.”

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Through this agreement, Exzeo will distribute TMH2O, Tokio Marine Highland’s primary residential flood insurance product. The addition of TMH2O expands the Exzeo Platform’s offerings to include homeowners, commercial residential, and flood insurance products across multiple states.

The partnership broadens Exzeo’s property insurance portfolio and supports its development as a multi-line technology-enabled platform serving agents and policyholders.

The TMH2O programme is available in 42 states and provides coverage for single-family and multi-family homes, other residential structures, condominium units, and contents-only renters policies. Coverage options include building limits of up to $1 million and contents limits of up to $500,000.

The programme also offers additional living expense limits of up to $50,000, deductible options ranging from $500 to $25,000, lender-compliant coverage, no waiting period before coverage takes effect, no coinsurance penalty, and replacement cost coverage for both building and contents.

“We are excited to add a new partner and product to our platform,” added Paresh Patel, Chief Executive Officer of Exzeo. “By combining their product with our advanced technology and underwriting capabilities, we are offering a solution to the flood market that automates underwriting with technology efficiency and provides long-term profitability.”

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The tool enables wholesale and retail brokers to price parametric flood cover within minutes, simplifying a process that has traditionally been complex and time-consuming.

By integrating Liberty Mutual’s pricing engine with the Floodbase Platform’s API, the solution delivers the speed, consistency, and efficiency required to serve the small- to mid-sized commercial insurance market.

Parametric flood products have matured, now supporting large-area policies that transfer economic loss risk on a global scale, including coverage for US municipalities, Colombian farmers, and nationwide property portfolios in Italy.

With flood events in the United States becoming more frequent and severe, alongside rising National Flood Insurance Program premiums, parametric flood insurance is increasingly seen as a valuable complement to traditional property coverage, including protection against non-damage business interruption losses.

Despite growing demand, private market capacity continues to lag behind US flood risk, with two-thirds of modelled losses underinsured. Whereas previous limitations were largely linked to basis risk and product standardisation, the main barrier today is scalable distribution.

The new instant quoting application addresses this challenge by allowing brokers and managing general agents to integrate large-area parametric flood products into automated quoting and rating workflows.

With multiple optimised structures and pricing options, the tool makes policies straightforward to quote, simple to position, and easy to transact, enabling parametric flood insurance to be distributed efficiently across small- and mid-sized commercial markets, rather than remaining confined to complex, bespoke arrangements.

Jean-Christophe Garaix, Head of Parametrics & Agriculture at Liberty Mutual, commented: “This collaboration enables us to respond to evolving flood risk with faster, more adaptable solutions. It’s the same coverage—just delivered faster and with far less friction, enabling the brokers to effectively explore and customise a client’s flood coverage in seconds before even emailing an underwriter. That not only improves the client and distribution experience, it enables us to respond to evolving flood risk with novel parametric products for small-and-medium market segments.”

“Parametric flood can be an effective risk management instrument bridging protection gaps in traditional policies for small-and-medium businesses in the US – but that requires rapid distribution at scale,” added Bessie Schwarz, Co-founder and CEO of Floodbase.

“Liberty’s new instant parametric flood quoting solution solves that, giving US brokers and MGAs the flexibility to embed rapid parametric flood cover into their own quoting environments, enabling scalable distribution across small- and mid-market segments.”

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In its latest issues brief, Flood Insurance: State of the Risk, Triple-I states that communities from Central Texas to California, North Carolina and New York City experienced extensive damage. In the Texas Hill Country alone, more than 130 fatalities were recorded.

According to Triple-I, flooding linked to tropical systems, severe convective storms and atmospheric rivers led to substantial property losses nationwide. New York City endured repeated flash flood events, while winter storms in California delivered close to half a year’s rainfall in certain areas, prompting mudflows and damage to hundreds of homes.

Triple-I further notes that residents in North Carolina continue to recover from catastrophic flooding associated with Hurricane Helene in autumn 2024. In some of the most severely affected communities, fewer than 1% of households held flood insurance policies, leaving many families reliant on federal disaster assistance or personal savings for reconstruction.

Triple-I highlights that, despite the rising level of exposure, many homeowners consider flood insurance unnecessary unless required by a mortgage lender, and some discontinue cover once their mortgage has been repaid. Citing a 2023 survey conducted in partnership with Munich Re, Triple-I reports that 64% of homeowners believed their properties were not at risk of flooding.

More than half of flood insurance policies in force are issued through the Federal Emergency Management Agency’s National Flood Insurance Program (NFIP), although Triple-I observes that the private market has expanded in recent years. Between 2016 and 2024, private flood insurers increased direct written premiums by nearly 43%, from 3.29 billion USD to 4.7 billion USD, with 79 private insurers accounting for just over 27% of the national market.

Triple-I also points to advances in analytics and data collection as contributing factors in the evolution of the market. Research and modelling, including work by the non-profit organisation Climate Central, are enabling insurers to assess flood exposure with greater precision and to broaden coverage options. Triple-I states that such insights are important for insurers and communities seeking to enhance resilience to future flood events.

In addition, Triple-I references the NFIP’s Community Rating System, which encourages local authorities to adopt floodplain management practices exceeding minimum federal standards by offering premium discounts of up to 45% for policyholders in highly rated communities.

Triple-I cites research indicating that investment in mitigation and resilience measures can yield savings of up to 33 USD in avoided economic losses for every dollar spent. At the same time, Triple-I notes that recent cancellations of programmes such as FEMA’s Building Resilient Infrastructure and Communities initiative and the Environmental Protection Agency’s Community Change Grants highlight the challenges of maintaining consistent funding for mitigation efforts, particularly in vulnerable communities, including Native American populations.

“Flooding is not only a growing threat, but it’s a collective challenge that requires action at every level, from individuals, businesses and government,” added Sean Kevelighan, Triple-I CEO. “Investing in flood insurance and mitigation measures today can dramatically reduce the human and economic costs of tomorrow’s disasters.”

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As participating countries in REPAIR, Malawi and Mozambique subsequently triggered activation requests of $2.375 million and $20 million, respectively, to complement their national relief and early recovery operations.

REPAIR is a collaborative initiative led by the World Bank, supported by the Global Shield Financing Facility (GSFF), and implemented by ARC Ltd., an affiliate of the African Risk Capacity Group. These are the programme’s third and fourth disbursements since its creation in July 2024.

The funds will be used to purchase life-saving supplies, including food and medical kits, water storage and sanitation equipment, and emergency shelter and household items.

In the last two months, the countries have been marked by continuous heavy rainfall, triggering significant flooding that has claimed at least 115 lives, displaced tens of thousands of people and damaged critical infrastructure across both countries. In Mozambique, the situation was compounded by strong winds, wildfires and a cholera outbreak.

According to official figures from the Malawian government, the floods in Nkhotakota District and surrounding areas in late December 2025 directly affected over 49,000 people (approximately 10,900 households), claiming 12 victims and displacing 2,132 families who had to be relocated to temporary camps hosted in schools, churches and a health centre.

The country’s response to the floods is being coordinated by the Department of Disaster Management Affairs (DoDMA), with support from the National Local Government Finance Committee (NLGFC), one of REPAIR’s pre-identified delivery channels.

Meanwhile, in Mozambique, flooding in the provinces of Maputo, Gaza and Sofala has partially or completely destroyed over 15,000 homes, directly impacting over 231,000 people. The death toll has already reached 112. In addition, 2,145 cases of cholera have been declared in Zambezia and Nampula provinces.

National relief operations are being led by the National Institute of Disaster Risk Management (INGD), which is working with the National Directorate of Water Supply and Sanitation and the Ministry of Health, to deliver food, safe water and sanitation, and medicines to affected populations. These efforts are being hampered by damage to the national highway, the N1, preventing the movement of people and goods up and down the country.

David Maslo, Chief Executive Officer, ARC, commented, “In times of crisis, rapid support can make the difference between a shock and a humanitarian emergency. Through REPAIR, ARC Ltd is supporting Malawi and Madagascar in these difficult circumstances by ensuring that critical funding reaches the government quickly, as demonstrated by this disbursement delivered within seven business days of the activation request, so that relief can be mobilised before conditions deteriorate.”

Caroline Cerruti, World Bank Lead Financial Sector Specialist and REPAIR Regional Lead, added, “REPAIR is committed to strengthening not only the financial preparedness of its participating countries, but also their operational readiness. The current activations in Malawi and Mozambique have benefited from the lessons learned last year and from crisis simulation exercises to ensure that Ministries of Finance could promptly activate the program and move the funds swiftly to benefit the affected communities.

“The peer-to-peer learning between countries is a fundamental feature to create a regional disaster risk finance ecosystem, thereby enhancing the climate resilience of a region which is very susceptible to natural shocks. We thank our participating countries for their active engagement in REPAIR and pledge to stand by their side in times of crisis.”

Previously, REPAIR has supported relief and recovery efforts in Comoros and Mozambique, following the passage of cyclones Chido and Jude, respectively.

These activations have allowed participating countries to benefit from each other’s experiences in accessing and delivering funds, while ongoing Simulation Exercises continue to reinforce multi-hazard preparedness and response systems and procedures.

In mid 2025, Malawi joined Phase 2 of REPAIR, alongside Angola, Burundi, Seychelles and Zambia, while Phase 1 is comprised of Comoros, Madagascar and Mozambique.

REPAIR establishes a Regional Climate Risk Fund, with an envelope of up to $926 million, which is designed to increase climate resilience among participating countries by supporting timely and scalable responses to natural shocks based on their severity.

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Launched in September 2025, TransZero supports businesses with climate-related risk disclosure reporting by providing insights for property assets worldwide. Its platform serves the asset management, banking, insurance, and retail sectors.

TransZero’s cloud-hosted platform and API solutions use best-in-class climate and hazard models to quantify the impacts of a wide range of climate-related perils, enabling risk assessment for any location globally.

The platform also allows companies to evaluate the impact of alternative climate adaptation measures across global property portfolios, supporting climate-resilience strategies and climate-related disclosures, while helping users quantify climate risk across their supply chains.

Under the partnership, JBA Risk Management is providing TransZero with access to its global flood maps and high-resolution flood data, delivering location-level insight into physical flood risk for both current and future climate scenarios. This enables TransZero to assess how flood risk across users’ property portfolios may evolve over time, including changes in annual asset damage from 2025 through to 2100 under alternative Shared Socioeconomic Pathways (SSP) climate pathways.

Dr Iain Willis, TransZero Director and co-founder, said, “It’s a pleasure to partner with JBA Risk Management – they are the world’s leading experts in flood intelligence, and this new partnership allows our clients to benefit from this capability. With river, surface water and coastal flood risk predicted to further increase for many regions in the world, our clients can now benefit from the best flood mapping available to assess their property risk.”

Dr David Wood, Managing Director, JBA Risk Management, added, “We are delighted that TransZero has chosen JBA’s expert flood risk insight, delivered through our suite of API services, to support climate change-related risk assessments for properties worldwide. TransZero’s platform shows how our global high-resolution data can be translated into practical, decision-ready insight for asset and risk managers.”

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Since acquiring Fathom in December 2023, Swiss Re said its teams have been working to expand and harmonise Fathom’s core datasets to support next-generation flood modelling.

With Fathom’s high-fidelity flood models already deployed within the Swiss Re Risk Data Solutions suite, ongoing collaboration is driving the systematic incorporation of Fathom data across Swiss Re’s underwriting and portfolio management activities.

This integration reportedly provides a wide array of risk assessment tools for both insurance and corporate clients.

Current efforts include the creation of 50,000-year probabilistic flood event sets, leveraging AI-enhanced climate models to capture extreme scenarios and eliminate historical biases.

The new models will also incorporate FathomDEM+, Fathom’s advanced global terrain dataset, to improve accuracy across diverse geographies.

Balz Grollimund, Head of Cat Perils at Swiss Re, commented, “Combining Fathom’s flood hazard capabilities with Swiss Re’s catastrophe modelling and underwriting expertise enables us to push flood risk modelling further.”

Stuart Whitfield, CEO of Fathom, said, “Swiss Re’s use of our data within its internal catastrophe model development demonstrates how critical peer-reviewed science and validated flood data are to understanding risk at a global scale.

“We’re proud to be working closely with Swiss Re to help communities and economies better prepare for and manage extreme flood events.”

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Somers Syndicate 3705 is the Lloyd’s insurance operation of Somers Re Ltd, a global insurance and reinsurance firm with significant experience across specialty insurance markets.

By adding Somers, Neptune Flood further broadens its panel of highly rated global insurance partners, reflecting a continued interest from leading carriers in the private flood insurance market.

Neptune Flood leverages proprietary technology, advanced data science, and automated underwriting to deliver insurance products, including its flagship private flood insurance products. As of September 30th, 2025, the insurer has over 260,ooo policies in force nationwide.

Acrisure Re supported the transaction and will serve as Lloyd’s broker for the relationship.

Matt Duffy, President, Neptune Flood, commented, “Both Neptune and Somers are strongly aligned on the future of the private market in flood insurance, and we are excited to continue growing our capacity provider panel with a respected insurance group via the Lloyd’s market.

“This partnership facilitates our ongoing growth in the US flood market as private insurers play an increasingly important role in protecting homeowners and businesses.”

David Booth, Active Underwriter, Syndicate 3705, added, “Neptune Flood has built a strong platform focused on data, technology, and underwriting discipline.

“Through this transaction, Syndicate 3705 and Somers are pleased to grow our Lloyd’s platform with a pre-eminent partner in Neptune Flood. We look forward to the continued growth of the relationship.”

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Flood‑related insurance losses have continued to escalate throughout 2025, reinforcing the broader trend of rising climate‑driven claims and mounting pressure on the sector’s risk pools.

Globally, insured losses from natural catastrophes are on track to exceed $100 billion for the sixth consecutive year, according to recent Swiss Re data, with flood events a persistent underlying contributor, even if other perils like wildfires and severe convective storms dominated headline figures this year.

Against this backdrop of increasing losses, Jackson highlighted the rapidly evolving nature of flood forecasting. “For insurers and their corporate clients, the flood forecasting landscape is shifting rapidly. The sheer volume of environmental, hydrological, and infrastructure data available today presents both an advantage and a challenge,” he said.

He noted that while the abundance of data offers new opportunities, it also creates significant obstacles. “Data complexity remains a major obstacle: although more information is accessible than ever before, interpreting it reliably—and applying it in the context of real-world exposure, operations, and claims—requires sophisticated tools and expertise,” Jackson explained.

Equally important is the need to turn forecasts into actionable guidance. “Forecasts hold little value unless they can directly inform operational decisions, underwriting strategies, and long-term resilience planning. Turning raw data into practical guidance continues to be a critical hurdle for risk managers, brokers, and insurers seeking to stay ahead of increasingly volatile flood patterns,” he added.

Looking ahead to 2026, Jackson expressed optimism about technological advances in the sector. “We expect to see continued improvements in both areas. Advances in real-time data ingestion, AI-driven modelling, and interoperability between forecasting, asset, and claims systems will empower insurers to take a more proactive stance. These developments will not only sharpen predictive accuracy but also strengthen confidence in early-warning triggers, contingency planning, and capital allocation,” he said.

Jackson concluded by emphasising the importance of strategic adaptation. “2026 will be a pivotal year for the flood insurance market. By combining strategic partnerships, advanced analytics, and a proactive approach to adaptation, insurers can shift from reactive claims management to a fully integrated model of risk resilience.

“The organisations that embrace this evolution will be better positioned to protect customers, safeguard communities, and navigate an increasingly complex climate risk environment with clarity and confidence.”

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