Surge protector: Data-centric venture aims to transform flood insurance

With the benefit of hindsight, 2016 wasn’t the best time to get into the flood insurance business in Florida. The following year brought Hurricane Irma, and the year after that was Hurricane Michael.

But for TypTap, a division of Tampa-based HCI Group Inc. the active hurricane seasons of the past few years have only confirmed the strength of its data-centric business model. Led by CEO Paresh Patel, 57, TypTap hasn’t had to raise its rates and had $32 million of premiums through August, with projections to reach $50 million by the end of 2019 and a goal of $100 million in 2020. HCI did $231.3 million in revenue in 2018.