HCI Group insurtech TypTap plans to expand in US

Insurtech TypTap Insurance Company, a subsidiary of HCI Group that provides homeowners and flood insurance in Florida, has unveiled its plans to expand in the US.

The company has asked Florida insurance regulators for approval of its expansion plans, which includes an initial focus on 20 targeted states.

Funded by HCI Group, TypTap was founded in 2016. The company uses artificial intelligence-enabled algorithms and an online platform to quote and bind policies.

“TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the US,” said TypTap president Kevin Mitchell. “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,” he said.

According to Mitchell, TypTap’s goal is to generate more than $5 billion in revenue with a 10 percent operating margin by 2030.