In a testimony delivered to the United States House of Representatives, NAMIC suggested that the U.S. National Flood Insurance Program would benefit from transferring risk to the private sector through reinsurance and catastrophe bonds.
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Frank Nutter, President of the Reinsurance Association of America, has published an opinion piece on the Washington focused website theHill.com. In it he calls again for the National Flood Insurance Program to be reformed and allow the private sector to become the reinsurer and ultimate backstop for the program leaving the taxpayers unburdened.
The National Flood Insurance Program’s (NFIP) traditional reinsurance tower has been renewed by the U.S. Federal Emergency Management Agency (FEMA) at $1.064 billion in size for 2022, a slight downsizing on the prior year.
Here are the ten most popular news articles, week ending October 24th 2021, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.
According to our sources, an early estimate of the National Flood Insurance Program’s (NFIP) losses from hurricane Ida suggests that its reinsurance program and catastrophe bonds are less likely to face any impact from the catastrophic event.
Global reinsurance giant Swiss Re has provided preliminary estimates for its losses from two of the major catastrophe events of the summer months, while it says the industry loss from hurricane Ida is estimated at between $28 billion and $30 billion, while Europe’s flooding is estimated as a $12 billion industry loss.
Catastrophe risk modeller RMS has come out with a high estimate of insurance and potential reinsurance losses for recent hurricane Nicholas, pegging the range of industry loss as from $1.1 billion to as high as $2.2 billion.
Catastrophe bonds sponsored by specialty insurance and reinsurance company Fidelis Insurance Holdings Limited have been marked down by as much as 10%, or slightly more, as industry loss expectations for hurricane Ida rise, while some of the other exposed cat bonds have also seen more price declines.
Here are the ten most popular news articles, week ending September 19th 2021, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.
A hurricane Ida industry loss estimate update from RMS has put the National Flood Insurance Program’s (NFIP) reinsurance counterparties and catastrophe bond investors on-watch for potential losses, as the estimate suggests the traditional reinsurance component at-least is likely to attach and face losses.