FloodSmart Re Ltd. Series 2021-1

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NFIP’s early Ida estimate suggests no reinsurance or cat bond losses

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. As we'd previously explained, the National Flood Insurance Program, which is administered by the read the full article →

NFIP’s reinsurance & cat bonds on-watch following RMS estimate

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. Late yesterday, catastrophe risk modeller RMS updated its read the full article →

FEMA starts January 2022 NFIP flood reinsurance renewal process

The U.S. Federal Emergency Management Agency (FEMA) is back in the reinsurance market, beginning the process towards a January 2022 renewal of the National Flood Insurance Program’s (NFIP) traditional reinsurance program, alongside which is expected to be a new catastrophe bond as well. For 2022, our sources tell us that multi-year read the full article →

Ida insured flood losses seen $11bn to $17bn by CoreLogic

Data and analytics company CoreLogic has provided an insurance market loss estimate for the flooding caused by hurricane Ida's remnants in the northeastern states of the US, saying it will range from $5 billion to as much as $8 billion. That's on top of CoreLogic's estimated $6 billion to $9 billion read the full article →

RMS says hurricane Ida loss $25bn to $35bn, on Gulf region impacts only

Catastrophe risk modeller RMS has provided the clearest view of the escalation in industry loss estimates for recent hurricane Ida, pegging the total onshore and offshore losses for the Gulf region at between $25 billion and $35 billion. This doesn't include any of the damages experienced further north from hurricane Ida's read the full article →

Cat bonds to see valuation volatility after Ida’s north east flooding: ILS managers

There's likely to be some uncertainty  in the secondary market pricing of the outstanding FloodSmart Re catastrophe bonds that provide reinsurance from the capital markets to FEMA's National Flood Insurance Program (NFIP), after the remnants of hurricane Ida flooded north eastern US states, ILS investment manager Plenum has said. As we read the full article →

Hurricane Ida loss estimates rising towards $30bn to $40bn: Goldman Sachs

Estimates for insurance and reinsurance market losses from recent hurricane Ida are rising with the inclusion of damages from the storms remnants that occurred further north, according to analysts at Goldman Sachs. Right after hurricane Ida slammed into Louisiana as a major Category 4 storm with 150 mph winds, loss estimates read the full article →

Ida remnant flood damage to add double-digit billions to storm costs: Aon

Flood damages suffered in the Mid-Atlantic and Northeast region of the United States from the remnants of hurricane Ida are expected to add double-digit billion dollars of economic loss to the overall toll from the storm. As if hurricane Ida's landfall damage in Louisiana wasn't catastrophic enough, the hurricane carried immense read the full article →

NFIP cat bonds & reinsurance in focus as Ida’s remnants flood New York

The remnants of hurricane Ida have continued to drop torrential rain along its path north east and its slow pace and heavy downpours have now flooded parts of New York, all of which is heightening the risk posed to FEMA's catastrophe bonds and reinsurance tower for the National Flood Insurance read the full article →

FEMA plans new NFIP flood cat bond, seeks reinsurance transformer

The U.S. Federal Emergency Management Agency (FEMA) is planning to sponsor another FloodSmart Re catastrophe bond to provide flood reinsurance to the National Flood Insurance Program (NFIP) and is seeking proposals from potential reinsurance transformer partners. FEMA has secured $1.775 billion of collateralized reinsurance from the capital markets across four catastrophe read the full article →