US private flood insurer Neptune Flood reports that the National Flood Insurance Program’s (NFIP) estimated losses from 2024 flood events, including Hurricanes Helene and Milton, as well as Hurricanes Beryl, Debby, and Francine, could reach up to $10.5 billion.
Hurricane Helene has been especially impactful for the NFIP, with over 55,000 claims filed as of November 4, 2024, a number expected to exceed 60,000. This surpasses the 48,732 claims filed from Hurricane Ian, which had previously ranked as the NFIP’s fourth-largest storm event. The total NFIP loss estimate could range between $6 billion to $7 billion before accounting for loss adjustment expenses.
The U.S. Federal Emergency Management Agency (FEMA) reported recently that NFIP claims losses for Helene alone could reach between $3.5 billion and $7 billion.
For Hurricane Milton, the NFIP has received over 18,000 claims, with estimates suggesting claims could surpass 20,000 and losses might reach between $1.2 billion and $2.5 billion, potentially placing Milton among the NFIP’s top ten loss events.
Additional 2024 storms, including Hurricanes Beryl, Debby, and Francine, have contributed to nearly 21,000 claims as of November 4, with projected claims over 22,000 and losses estimated between $650 million and $1 billion.
In total, NFIP claims for all 2024 flood events stand around 94,000, with expectations of reaching over 99,000. Combined losses are estimated between $8.2 billion and $10.5 billion.
Florida’s private flood insurance market has also incurred substantial losses from Hurricanes Helene and Milton. The Florida Office of Insurance Regulation (FLOIR) reported 6,183 private flood claims across these storms as of November 8, 2024, with 1,976 paid claims totaling $197 million. Private market losses are projected to exceed $500 million, with $300 million attributed to Helene and $200 million to Milton.
Frustrated with NFIP limitations, more policyholders are turning to private coverage, which offers higher limits and greater flexibility. NFIP’s residential coverage caps at $250,000 for buildings and $100,000 for contents, with no coverage for temporary living expenses, pools, or detached structures—limits that have not kept pace with inflation and often fall short in high-value areas like coastal Florida. The private market helps fill these critical coverage gaps.
