Reinsurance News
NFIP
FEMA secures a further $575m of flood reinsurance for NFIP
11th March 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered into the agreements with its transformer reinsurer, Hannover Re (Ireland) Designated ... Read the full article
Neptune addresses outdated NFIP limits with new excess flood insurance product
21st February 2024
Neptune Flood, a private flood insurance company, has recently introduced its new excess flood insurance product. This insurance offers additional coverage beyond what's provided by the National Flood Insurance Program (NFIP). With this excess flood policy, customers can get coverage beyond the maximum limit offered by the NFIP. This means they ... Read the full article
RAA advocates for NFIP reauthorisation and private flood insurance market
26th January 2024
In advance of the Senate Committee on Banking, Housing, and Urban Affairs' hearing on the "Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions," Lee Covington, President of the Reinsurance Association of America (RAA), submitted a statement urging comprehensive reforms for the NFIP. Covington commended Chairman Sherrod ... Read the full article
FEMA adds $619.5m in flood reinsurance at renewal, takes NFIP protection to $1.92bn
5th January 2024
The U.S. Federal Emergency Management Agency (FEMA) has completed its 2024 traditional reinsurance placement for the National Flood Insurance Program (NFIP), transferring an additional $619.5 million of the NFIP’s financial risk to the private reinsurance market, for a total premium of $121.1 million for the coverage. The placement covers portions of ... Read the full article
NFIP reinsurance looks set to pay out as Hurricane Ian claims exceed $4.3bn
15th September 2023
The National Flood Insurance Program (NFIP) has now paid out more than $4.3 billion in claim payments for 2022's Hurricane Ian, which should mean that its reinsurance pays out, Reinsurance News has learned. A FEMA spokesperson told us that the more than $4.3 billion figure is as of September 12th, 2023, ... Read the full article
NFIP’s Hurricane Ian payouts near reinsurance trigger
5th May 2023
New data from FEMA shows that its National Flood Insurance Program (NFIP) has paid out over $3.9 billion in claims related to Hurricane Ian to date, meaning the Agency is on the cusp of triggering the bottom layer of protection in its flood reinsurance tower. The NFIP payout figure, released on ... Read the full article
NFIP claims paid after Hurricane Ian exceeded $3.4bn in March
4th May 2023
By the end of March 2023, National Flood Insurance Program (NFIP) claims paid after Hurricane Ian had surpassed $3.4 billion, with more than 46,000 NFIP flood insurance claims received. As we wrote previously, by mid-January 2023, the NFIP had paid $2.2 billion in claims for Hurricane Ian, the powerful Category 5 ... Read the full article
FEMA secures another $275m of flood reinsurance for NFIP
9th March 2023
The US Federal Emergency Management Agency (FEMA) has returned to the capital markets to secure another $275 million of reinsurance protection for the National Flood Insurance Program (NFIP). The FloodSmart Re Ltd. (Series 2023-1) deal marks the sixth time that FEMA has utilised Hannover Re to access reinsurance capital via a ... Read the full article
FEMA sees 36% decline in number of counterparties at 2023 NFIP reinsurance renewal
22nd February 2023
Data from the U.S. Federal Emergency Management Agency (FEMA) on the National Flood Insurance Program's (NFIP) traditional reinsurance placement for 2023 reveals a 36% decline in the number of participants on the programme when compared with the prior year. In January, FEMA announced the placement of a 50% smaller reinsurance ... Read the full article
NFIP claims paid for Hurricane Ian rises 28% to $2.2bn, reports FEMA
18th January 2023
As of yesterday, the National Flood Insurance Program (NFIP) had paid USD 2.2 billion in claims for Hurricane Ian, which made landfall in Florida as a major Category 4 storm in September 2022, an increase of almost 28% from the figure reported by the US Federal Emergency Management Agency (FEMA) on ... 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
FEMA estimate suggests Hurricane Ian likely to trigger NFIP’s reinsurance cover
11th November 2022
The U.S. Federal Emergency Management Agency (FEMA) has estimated that Hurricane Ian could drive National Flood Insurance Program (NFIP) losses of between $3.5 billion to $5.3 billion, including loss adjustment expenses, which at the mid-point would trigger its reinsurance protection. FEMA has reported that the NFIP has now received 44,000 claims ... Read the full article
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