Reinsurance News
NFIP
FEMA secures $1.153bn of NFIP flood reinsurance for 2021
5th January 2021
The U.S. Federal Emergency Management Agency (FEMA) has secured $1.153 billion of flood reinsurance for the National Flood Insurance Program (NFIP) for 2021, at a premium of $195.8 million. It was announced in September of 2020 that FEMA had returned to the traditional reinsurance market and commenced the procurement of ... Read the full article
National Flood Services awarded NFIP contract
8th October 2020
US flood solutions provider, National Flood Services, has announced that it has been awarded the National Flood Insurance Program Direct (NFIP) service provider contract. NFIP facilitates the issuance and administration of NFIP insurance policies on behalf of the Federal Emergency Management Agency (FEMA), an agency of the Department of Homeland Security. The ... 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
FEMA commences 2021 NFIP reinsurance renewal process
18th September 2020
The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article
FEMA secures additional $400mn of reinsurance protection for NFIP
25th February 2020
The US Federal Emergency Management Agency (FEMA) has successfully transferred $400 million of the National Flood Insurance Program's (NFIP) flood risk to the capital markets through the issuance of its third catastrophe bond transaction. The transaction, FloodSmart Re Ltd. (Series 2020-1), is the third time FEMA has entered into a ... Read the full article
FEMA targets additional catastrophe bond coverage for NFIP
31st January 2020
The US Federal Emergency Management Agency (FEMA) is seeking a further $300 million of flood protection from the capital markets with its third catastrophe bond issuance, FloodSmart Re Ltd. (Series 2020-1). This is the third time FEMA has looked to secure flood reinsurance protection from the capital markets for its National ... Read the full article
FEMA renews NFIP reinsurance program with $1.33bn of coverage
2nd January 2020
The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.33 billion of protection. The coverage was secured from a panel of 27 reinsurance companies, and protects the NFIP from events on a per-occurrence basis for ... Read the full article
FEMA commences procurement of 2020 NFIP reinsurance renewal
19th November 2019
The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article
FEMA delays implementation of new NFIP rates by one year
7th November 2019
The Federal Emergency Management Agency (FEMA) in the U.S. has delayed the implementation of previously announced changes to the National Flood Insurance Program (NFIP) by one year, to October 1st, 2021. In March 2019, an initiative called Risk Rating 2.0 was announced by FEMA. Designed to link NFIP premiums to ... Read the full article
NFIP extended by two-weeks
31st May 2019
The House of Representatives recently passed a two-week extension of the National Flood Insurance Program (NFIP), which was set to expire on May 31st, 2019. The two-week extension enables the NFIP to continue issuing flood insurance policies at the start of the Atlantic hurricane season, which officially starts on Saturday June ... Read the full article
FEMA returns to capital markets for $300m NFIP risk transfer
18th April 2019
The US Federal Emergency Management Agency (FEMA) has returned to the capital markets, entering into an agreement with Hannover Re (Ireland) Designated Activity Company (DAC) and securing $300 million of collateralised reinsurance protection for the National Flood Insurance Program (NFIP) from insurance-linked securities (ILS) investors. In August 2018, FEMA secured ... Read the full article
FEMA returns to capital markets for NFIP risk transfer
21st March 2019
The U.S. Federal Emergency Management Agency (FEMA) has returned to the capital markets as it looks to transfer $300 million of risk from the National Flood Insurance Program (NFIP). FEMA is seeking at least $300 million of collateralised reinsurance protection from insurance-linked securities (ILS) investors through its second catastrophe bond transaction ... Read the full article
FEMA announces changes to NFIP pricing structure: Reports
19th March 2019
The Federal Emergency Management Agency (FEMA) has announced changes to the National Flood Insurance Program (NFIP), a move that could increase costs for some homeowners, reports Bloomberg. Under the new initiative, called Risk Rating 2.0, NFIP premiums will be tied to the actual flood risk of individual homes, instead of the ... Read the full article
FEMA announces renewal of NFIP reinsurance program
31st January 2019
The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.32 billion of protection. The $1.32 billion of traditional flood reinsurance protection was secured from a panel of 28 participating reinsurance companies, and is effective January 1st ... Read the full article
Slight increase in reinsurance demand at 1/1, more focus on emerging risks: Aon
21st January 2019
Despite significant reductions in certain individual placements, the reinsurance industry saw a slight uptick in demand in the January renewals, according to Aon’s 2019 market outlook. Regulatory and rating agency requirements, catastrophe losses resulting from non-peak perils and territories, as well as an ongoing positive buying proposition for insurers were a ... Read the full article
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