Reinsurance News
national flood insurance program
Lawmakers push for NFIP to cede more risk to reinsurers
18th January 2019
U.S lawmakers have reintroduced a bill that pushes for the National Flood Insurance Program (NFIP) to cede more of its risk to the private reinsurance market. The Taxpayer Exposure Mitigation Act is one of four bills introduced by Missouri Congressman Blaine Luetkemeyer that calls for improvements to the Federal Emergency Management Agency’s ... Read the full article
NFIP will absorb majority of Florence losses, says Fitch
20th September 2018
Traditional reinsurers and insurance-linked securities (ILS) markets are expected to experience only modest levels of losses from Hurricane Florence, with the majority likely to be absorbed by the National Flood Insurance Program (NFIP), according to Fitch Ratings. Florence weakened to a Category 1 hurricane as it approached the U.S coast last ... Read the full article
Just 15% – 20% of Florence exposure might be passed to reinsurers: Analysts
14th September 2018
Examining the distribution of losses from 2017 hurricanes, combined with looking at the market structure and penetration, the National Flood Insurance Program (NFIP) and state windstorm pools, suggests reinsurers might only assume 15% to 20% of the hurricane Florence exposure, based on a $10 billion insured loss. As the storm continues ... Read the full article
Carriers sufficiently reinsured to withstand Hurricane Lane losses: A.M. Best
29th August 2018
Insurance carriers operating in Hawaii have sufficient capital and appropriate reinsurance programs in place to effectively absorb losses resulting from Hurricane Lane, which battered Hawaii with floods and landslides last week, according to A.M. Best. While Hurricane Lane never quite made direct landfall on Hawaii, it brought over 50 inches ... Read the full article
Potential for private markets to provide long-term U.S flood relief: A.M. Best
2nd August 2018
In preventing the National Flood Insurance Program (NFIP) from expiring with a last minute vote, and securing its continuation through November 2018 without any of the long-requested amendments, the U.S congress has highlighted the potential for private markets to provide long-term flood relief, A.M. Best says. This assessment comes as the ... Read the full article
FEMA completes $500mn NFIP cat bond reinsurance deal
1st August 2018
The Federal Emergency Management Agency (FEMA) has successfully secured $500 million of reinsurance for the National Flood Insurance Program (NFIP) from the capital markets with the issuance of its FloodSmart Re 2018-1 catastrophe bond. The transaction, which was backed by more than 35 capital markets investors, significantly expands FEMA’s reinsurance program, ... Read the full article
FEMA increases NFIP cat bond reinsurance value to $500mn
26th July 2018
The U.S Federal Emergency Management Agency (FEMA) has significantly increased the scope of the capital markets reinsurance that it has secured for the National Flood Insurance Program (NFIP) via the issuance of its first catastrophe bond to $500 million. Issued via FloodSmart Re, a Bermuda domiciled special purpose insurance vehicle, Read the full article
Hurricane Harvey flooding exposes widespread underinsurance: Lloyd’s
6th June 2018
The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article
FEMA to transfer National Flood Insurance Program risk to capital markets
4th April 2018
The Federal Emergency Management Agency (FEMA) has announced plans to de-risk the U.S National Flood Insurance Program (NFIP) with additional reinsurance by engaging the capital markets through an insurance-linked securities (ILS) transaction scheduled for July 2018. FEMA claims this new ‘building block’ will allow it to transfer risk through both traditional ... Read the full article
Pockets of re/insurance growth remain despite largely flat 1/1 rates: S&P
26th January 2018
Much of the hype around significant pricing gains for reinsurers at the January renewals has faded as demand overall was flat to marginally up, but hope remains for some higher demand from regional insurers focused on Florida and the Caribbean, as well as U.S. mortgage credit risk and other emerging ... Read the full article
FEMA secures $1.46 billion of flood reinsurance for 2018
5th January 2018
The U.S. Federal Emergency Management Agency (FEMA) has increased the size of its flood reinsurance program for 2018, securing $1.46 billion of coverage for the National Flood Insurance Program (NFIP). The 2018 NFIP reinsurance program has been placed with 28 private reinsurers and will provide the NFIP with coverage across two ... Read the full article
FEMA set for full $1.024 billion NFIP flood reinsurance recovery
6th December 2017
The U.S. Federal Emergency Management Agency (FEMA) is set to recover the full $1.024 billion under its 2017 flood reinsurance program for the National Flood Insurance Program (NFIP), as its estimates show the entire layer blown by losses from hurricane Harvey. The 2017 reinsurance program was placed in January 2017 and ... Read the full article
Milliman to design new flood risk rating plan for NFIP
16th November 2017
The Federal Emergency Management Agency (FEMA) has selected flood risk innovator Milliman to design a new rating plan for National Flood Insurance Programme (NFIP) policies nationwide. The U.S. government programme to provide homeowners with flood insurance, NFIP, has recently been reauthorised and is undergoing reforms after it was hit with an ... Read the full article
FEMA selects AIR Worldwide flood risk model for NFIP
13th November 2017
The Federal Emergency Management Agency (FEMA) has selected AIR Worldwide’s Inland Flood and Storm Surge risk models for the United States to help it to get a better understanding of the National Flood Insurance Program’s (NFIP) loss potential. By taking up the AIR flood risk model, FEMA will benefit from a ... Read the full article
Recent events highlight expanding U.S. protection gap
27th October 2017
The impact of recent hurricanes in the third-quarter of 2017 on parts of the U.S. brings the country's protection gap into focus, with greater insurance penetration required for what's considered the most developed market in the world. Hurricanes Harvey and Irma brought intense and damaging levels of rainfall, flooding and surge ... Read the full article
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