Reinsurance News
national flood insurance program
Private flood market ready and better prepared to manage risks: Neptune Flood
9th October 2025
A new report from Neptune Flood has suggested that the National Flood Insurance Program (NFIP) continues to assume risks the private market is “ready and better prepared” to handle, with roughly 95% of new policyholders eligible for private coverage. "For more than 50 years, the private insurance industry was unable to ... Read the full article
RAA meets FEMA Review Council to propose reforms for national flood insurance programme
10th September 2025
In early 2025, President Trump established the FEMA Review Council to propose reforms aimed at improving the nation’s emergency management and disaster response systems. The Reinsurance Association of America (RAA), a trade association representing the US reinsurance industry, met with the Council this week to share recommendations for the National Flood ... Read the full article
FEMA lifts NFIP’s Helene loss estimate to up to $7.4bn
12th February 2025
The U.S. Federal Emergency Management Agency (FEMA) has estimated the range for total losses paid by the National Flood Insurance Program (NFIP) stemming from Hurricane Helene to be between $6.4 and $7.4 billion, based on data as of January 31st, 2025. FEMA has reported that as of February 6th, 2025, Hurricane ... Read the full article
NFIP claims paid for hurricane Helene flood losses rise to more than $1.4bn
3rd December 2024
The U.S. Federal Emergency Management Agency (FEMA) has reported that as of November 12th, 2024, more than 56,000 policyholders have filed claims following the landfall of hurricane Helene, with National Flood Insurance Program (NFIP) payments to policyholders for flood losses from the storm now above $1.4 billion. In late October, FEMA ... Read the full article
Cypress Property & Casualty selects Taurus Flood as flood insurance service provider
12th February 2024
Cypress Property & Casualty Insurance Company, a provider of an array of insurance products to clients in Florida and Texas, has selected Taurus Flood to become their flood insurance service provider as they are a new participant in the National Flood Insurance Program’s (NFIP) Write-Your-Own (WYO) program. The NFIP’s WYO program ... Read the full article
Despite improvements, affordability concerns accompany FEMA’s rate-setting methodology: GAO
16th August 2023
The Federal Emergency Management Agency’s (FEMA) new rate-setting methodology improves actuarial soundness, but at the same time, it highlights the need for broader program reform, the US Government Accountability Office (GAO) highlighted in a recent report. FEMA's National Flood Insurance Program (NFIP) is charged with keeping flood insurance affordable and staying ... Read the full article
FEMA shrinks NFIP reinsurance program by over 50% amid hard market
11th January 2023
The U.S. Federal Emergency Management Agency (FEMA) has completed its 2023 traditional reinsurance placement for the National Flood Insurance Program (NFIP), transferring an additional $502.5 million of flood risk to the private reinsurance market for a total premium of $90.2 million. Together with its three in-force catastrophe bond transactions, FEMA has ... Read the full article
FEMA lifts low-end of NFIP’s Hurricane Ian loss estimate to $3.7bn
13th December 2022
The US Federal Emergency Management Agency (FEMA) has given an update to estimates for National Flood Insurance Program (NFIP) claims arising from Hurricane Ian to somewhere between $3.7bn and $5.2bn. This new figure is a slight bump from earlier estimates in November, when FEMA suggested NFIP losses would reach $3.5bn ... Read the full article
FEMA reports NFIP has paid $793m in claims so far following Hurricane Ian
29th November 2022
The U.S. Federal Emergency Management Agency (FEMA) has reported that the National Flood Insurance Program (NFIP) has paid $793 million in claims following Hurricane Ian, as Federal support nears $3 billion. FEMA suggests that more than $2.97 billion in federal grants, disaster loans and flood insurance payments has been provided to ... Read the full article
Private flood insurers gain traction as NFIP’s prevalence drops: AM Best
16th November 2022
A recent report from AM Best suggests that only 30% of Florida residents have insurance through the National Flood Insurance Program, down from 41% when Hurricane Irma struck in 2017, while private carriers increased their total flood insurance premiums by over 40% to surpass the $1 billion mark in 2021. ... Read the full article
KatRisk estimates Hurricane Ian losses to fall between $29.9bn and $62.1bn
3rd October 2022
Risk-modelling firm KatRisk has estimated that the combined costs from Hurricane Ian, which has battered Florida in the last week, should fall between $29.9bn and $62.1bn. The firm said in a presentation that it estimates economic losses from storm surge to reach somewhere between $10.7bn and $24.9bn, with inland flood losses ... Read the full article
UPC Insurance to sell NFIP flood book of business to Wright Flood
15th June 2022
United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell to its flood insurance policy book to Wright National Flood Insurance Company – a leading provider of federal flood insurance. Under the agreement, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) ... Read the full article
FEMA secures a further $575mn of flood reinsurance for NFIP
26th February 2021
The US Federal Emergency Management Agency (FEMA) has transferred an additional $575 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the sponsor of its fourth catastrophe bond transaction. FloodSmart Re Ltd. (Series 2021-1) is FEMA's fourth and largest catastrophe bond transaction, providing $575 ... Read the full article
Hurricane Sally losses will largely fall to NFIP: AM Best
18th September 2020
Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article
Reviving the private US flood market could generate $41.6bn in premiums: Verisk
23rd August 2019
Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate ... Read the full article
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