National Flood Insurance Program

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FEMA secures 40% more NFIP flood reinsurance in $1.46bn renewal

The U.S. Federal Emergency Management Agency (FEMA) has secured a 2018 flood reinsurance program, increasing the amount of coverage for the National Flood Insurance Program (NFIP) by 40% to $1.46 billion of protection, secured from a panel of 28 private market reinsurers.FEMA placed its first major reinsurance program in January read the full article →

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 →

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 →

Bermudian re/insurers concern KBW analysts in wake of Harvey

Keefe, Bruyette & Woods analysts say they are most concerned about the Bermudian insurance and reinsurance group of companies, in the wake of hurricane Harvey's impacts, as they feel them to be over-valued and to have too little protection of their own.With hurricane Harvey projected to result in an insurance read the full article →

NFIP Harvey loss $7-$10bn, reinsurance layer likely a loss: RMS

The $1.042 billion reinsurance program of the National Flood Insurance Program (NFIP) looks increasingly likely to be a total loss, as estimates continue to suggest that the hurricane Harvey loss to the NFIP is likely to mean the reinsurance program at least triggers, but most likely pays in full.The $1 read the full article →

Harvey insured loss $15.4bn (ex NFIP): Karen Clark & Co.

The insurance and reinsurance industry loss from hurricane Harvey has been estimated at $15.4 billion by catastrophe risk modelling firm Karen Clark & Company, excluding the impacts to the National Flood Insurance Program (NFIP).Loss estimates are coming thick and fast now, as the impact of hurricane Harvey is gradually becoming read the full article →

Complex Harvey loss could lead to reinsurance & ILS litigation: A.M. Best

Hurricane Harvey is expected to result in "extremely complex loss circumstances" making predicting the eventual toll that will be paid by reinsurance capital providers, both traditional and alternative, extremely difficult, according to A.M. Best.As a result of this complexity, A.M. Best says it is anticipating that this could mean litigation read the full article →