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FEMA to collect on NFIP reinsurance, expects full $1.024bn

The U.S. Federal Emergency Management Agency (FEMA) has begun the process of collecting on its 2017 reinsurance program, after claims from hurricane Harvey's flooding after surpassing its retention due to the impact of the storm and anticipates recovering the full $1.024 billion from its 25 reinsurers.FEMA placed a January 2017 read the full article →

NFIP reform bill passes House, still features flood ILS & cat bonds

Progress has been made in the mission to reauthorise and reform the National Flood Insurance Program (NFIP), with H.R. 2874, also known as the 21st Century Flood Reform Act having now passed the House of Representatives with full approval, including amendments by substitution ensuring measures on reinsurance, risk transfer and read the full article →

FEMA begins 2018 NFIP flood reinsurance renewal process

The U.S. Federal Emergency Management Agency (FEMA) has started the procurement process for a 2018 flood reinsurance program renewal for the National Flood Insurance Program (NFIP), as it seeks to transition gradually towards a multi-year approach to use of reinsurance coverage.FEMA began using reinsurance in 2016, when it tested the read the full article →

Hiscox Re and ILS launches flood product, with alt capital backing

Hiscox Re and ILS, the reinsurance and insurance-linked securities (ILS) arm of the global re/insurer, has launched FloodXtra, a new U.S. primary flood product, which is designed to help address the flood insurance gap and will enable its ILS investors to access sources of flood risk.FloodXtra will be available to read the full article →

PCS to publish NFIP aggregate flood loss data, starting with Harvey

Property Claim Services (PCS), a division of Verisk Analytics, is to publish aggregate flood loss data supplied by the National Flood Insurance Program (NFIP), starting with hurricane Harvey, in a push to provide a more comprehensive view of national catastrophe losses.In the past, NFIP losses have been excluded from insurance read the full article →

NFIP or bust? The reinsurance layer certainly is, but once or twice?

Estimates of losses to the National Flood Insurance Program (NFIP) from hurricanes Harvey and Irma's flooding are on the rise, leaving the NFIP's administrators with the difficult task of refunding the Program which is technically bankrupt and all but guaranteeing that the $1.024 billion reinsurance layer will payout.Hurricane Harvey saw read the full article →

Harvey economic loss could be up to $75bn: Moody’s Analytics

An analyst at Moody's Analytics has estimated the total economic loss due to hurricane Harvey at up to $75 billion. The massive price tag would see the storm on a par with superstorm Sandy in terms of economic impact to the United States.As the flooding persists and spreads towards Louisiana read the full article →

ILS can help to narrow the flood risk protection gap: Miller, JLT Capital Markets

The insurance-linked securities (ILS) market and providers of capital market backed reinsurance capacity can help with the job of narrowing the flood risk protection gap in the wake of hurricane Harvey, according to Rick Miller Managing Director - Co-Head of Insurance Linked Securities at Jardine Lloyd Thompson Capital Markets.As hurricane read the full article →

Hurricane Harvey floods could hit NFIP’s $1 billion reinsurance layer

As early estimates of damages from hurricane Harvey point towards an overall economic impact in the low tens of billions of dollars with flooding likely to have caused the majority, the National Flood Insurance Program's (NFIP) reinsurance layer looks increasingly at risk of paying out.As our other publication ReinsuranceNe.ws reported read the full article →

Senate committee to hear calls for NFIP flood cat bonds, risk transfer

One of the bills calling for the use of catastrophe bonds, collateralized reinsurance and other private market risk transfer tools to lower the risk held by the U.S. National Flood Insurance Program (NFIP) will now be heard before a Senate committee.So far a number of House committee bills have featured read the full article →