Neptune Insurance IPO Set to Shake Up Flood Insurance Sector

Neptune Insurance Holdings, a US-based flood-focused insurer, is set to go public in a record-breaking IPO. The company uses AI and big data to sell flood insurance policies, a niche market dominated by the Federal Emergency Management Agency. Neptune's IPO has drawn institutional demand for over 10 times the available shares, with a base market value of $2.8 billion and growth rate of 40%. With three of the five listed insurance-sector firms trading above their IPO prices, investors are increasingly betting on firms using new technologies to meet demand for better coverage against climate-related risks.