Florida-based insurance provider TypTap Insurance Company has announced plans to expand nationwide.
TypTap, which provides homeowners’ and flood insurance, has asked Florida insurance regulators to approve its expansion plans. If that approval is forthcoming, the company can then seek approval from other state regulators to expand its operations.
TypTap’s Florida operations have seen rapid growth. Since the beginning of last year, its premiums in force for homeowners’ insurance, its flagship product, have increased 2,202%. Total premiums in force for TypTap recently surpassed $75 million.
“TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the US,” said Kevin Mitchell, president of TypTap. “We intend to duplicate that success nationwide. Our expansion plans will increase our total addressable market from approximately $11 billion within Florida to over $105 billion.”
Mitchell said that the company’s goal is to generate more than $5 billion in revenue with a 10% operating margin by 2030.
Funded by insurtech firm HCI Group, TypTap was founded in 2016.
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