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FEMA seeks orders & auths for 2020 NFIP flood reinsurance renewal

The U.S. Federal Emergency Management Agency (FEMA) is expecting to secure orders and authorisations for a January 2020 renewal of the National Flood Insurance Program's (NFIP) traditional reinsurance program in the coming days.FEMA was aiming for firm order terms to be in place by the end of last week, while read the full article →

NFIP shift to risk based pricing a boon for private markets (and derisking)?

Yesterday, a big change in the way risk is priced under the U.S. National Flood Insurance Program (NFIP) was announced, with a shift to fully risk based pricing of flood insurance potentially set to be a driver of more flood risk into private reinsurance and risk markets.One piece of the read the full article →

FEMA renews NFIP reinsurance program at $1.32bn for 2019

The U.S. Federal Emergency Management Agency (FEMA) has renewed its traditional flood reinsurance program to cover the National Flood Insurance Program (NFIP) for 2019 at the slightly smaller size of $1.32 billion.FEMA said that its 2019 NFIP flood reinsurance renewal saw 28 private reinsurers participating in the transfer of risk read the full article →

Bill calls on Congress to mandate NFIP flood reinsurance & cat bonds

The United States Congress will again hear a bill in 2019 that calls on lawmakers to codify a requirement for the Federal Emergency Management Agency (FEMA), as the administrator of the U.S. National Flood Insurance Program (NFIP), to utilise reinsurance and capital market risk transfer solutions.Efforts to enshrine in law read the full article →

FEMA begins 2019 flood reinsurance program renewal process

The U.S. Federal Emergency Management Agency (FEMA) has begun its procurement process for a 2019 flood reinsurance program renewal for its National Flood Insurance Program (NFIP), with multi-year protection being eyed.FEMA started its reinsurance journey back in 2016, when it tested the market with a small purchase of just $1 read the full article →

RMS launches inland flood risk model for the U.S. in high definition

Catastrophe risk modelling specialist RMS has launched a high definition inland flood risk model for the United States, which it hopes will help insurance and reinsurance firms to establish and expand flood risk underwriting businesses.The new RMS U.S. Inland Flood HD Model covers all types of inland flooding events, including read the full article →

Lawmakers want FEMA to buy disaster risk transfer. NFIP reinsurance to expand

The United States Federal Emergency Management Agency (FEMA) could be mandated to purchase much more in the way of risk transfer if a bill that aims to get FEMA buying insurance, reinsurance and capital markets risk transfer tools to provide disaster relief financing comes into law.Currently FEMA buys a reinsurance read the full article →

FEMA confirms intention to sponsor NFIP flood cat bond at July 1st

The U.S. Federal Emergency Management Agency (FEMA) has confirmed its intention to enter the insurance-linked securities (ILS) market for the first time for a mid-year 2018 transfer of risk from the National Flood Insurance Program (NFIP), to secure capital markets backed source of flood reinsurance using a catastrophe bond.FEMA has read the full article →

FEMA planning mid-year NFIP reinsurance placement, exploring ILS options

The U.S. Federal Emergency Management Agency (FEMA) is planning for a potential mid-year 2018 reinsurance placement for the National Flood Insurance Program (NFIP) and is actively exploring ILS options, as it continues to commit to expanding the reinsurance program it began in 2017.In a keynote speech this morning at the read the full article →

Flood risk can be privatised with help of alternative capital: Greenberg, Chubb

The tail risk that is inherent in the flood peril is one of the reasons the U.S. government has a role in flood insurance and reinsurance, but in time that tail risk could be displaced with the help of both traditional and alternative capital, according to Chubb CEO Evan Greenberg.Speaking read the full article →