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Bill reintroduced calling for more NFIP flood reinsurance & cat bonds

A bill has been reintroduced to the United States Congress that again calls on lawmakers to codify that Federal Emergency Management Agency (FEMA), as the administrator of the U.S. National Flood Insurance Program (NFIP), sets a PML target each year and buys reinsurance and capital market risk transfer solutions accordingly. The read the full article →

Florida set for some of the steepest NFIP flood insurance rate rises

Florida is set to experience some of the steepest increases in rates and pricing of flood insurance coverage under the National Flood Insurance Program (NFIP) after the release of FEMA's new Risk Rating 2.0 system comes into effect over the next year. Already facing rising insurance rates due to hurricane and read the full article →

FEMA explains structure of $1.153bn 2021 flood reinsurance renewal

The U.S. Federal Emergency Management Agency (FEMA) has explained the structure of its $1.153 billion National Flood Insurance Program’s (NFIP) traditional reinsurance renewal for 2021. As we were first to report yesterday, FEMA renewed the NFIP's traditional reinsurance program at the January 2021 renewals, opting for a downsized $1.153 billion of read the full article →

FEMA renews $1.153bn of traditional NFIP flood reinsurance for 2021

The U.S. Federal Emergency Management Agency (FEMA) has renewed the National Flood Insurance Program’s (NFIP) traditional reinsurance program at the January renewals, opting for a downsized $1.153 billion of coverage, but from an expanded panel of reinsurers. As we revealed back in September, FEMA was back in the reinsurance market and read the full article →

Growing flood gap a “catalyst” for ILS: Franklin Templeton

Global investment firm Franklin Templeton has released a new report that examines the growing role of insurance-linked securities (ILS) in alleviating flood risk, particularly in the US where the financial burden on FEMA and the Treasury seems to be increasing every year. Penned by Jonathan Malawer, Head of ILS, Commodities & read the full article →

FEMA begins 2021 flood reinsurance renewal process, may upsize program

The U.S. Federal Emergency Management Agency (FEMA) is back in the reinsurance market and seeking expressions of interest to participate in a January 2021 renewal of the National Flood Insurance Program’s (NFIP) traditional reinsurance program. Our sources suggest that for 2021 FEMA may look to increase the size of the traditional read the full article →

Fathom’s new US flood model features climate & hurricane future scenarios

Research led flood risk model developer Fathom has launched a new U.S. flood model that provides 100% nationwide coverage and incorporates the ability to look at how climate change could impact flooding, as well as how changing hurricane behaviour may affect losses. Fathom's new U.S. flood catastrophe risk model provides all-encompassing read the full article →

Parametric (flood & surge) cat bonds can benefit (mortgage) investors

Investors and funds with exposure to mortgage risks are carrying in some cases significant amounts of flood and storm surge risk exposure that is not covered by insurance and has not been transferred, presenting a potential opportunity for parametric risk transfer structures and perhaps catastrophe bonds or ILS. A landmark catastrophe read the full article →

FEMA secures $1.33bn NFIP flood reinsurance renewal for 2020

The U.S. Federal Emergency Management Agency (FEMA) has now completed its traditional flood reinsurance program renewal, securing $1.33 billion of limit to cover the National Flood Insurance Program (NFIP) for 2020. That's just slightly more than FEMA's 2019 traditional reinsurance program renewal for the NFIP, which was $1.32 billion in size. As read the full article →

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 →