NFIP losses from Hurricane Harvey exceed $819m

The US National Flood Insurance Program (NFIP) has received more than 87,000 claims and incurred more than $819 million in losses as of September 26, according to data provider Verisk Analytics.

In Florida, Georgia, and South Carolina, the NFIP has received 23,000 claims and incurred losses of $15.8 million so far.

Beginning with Hurricane Harvey, Verisk business Property Claim Services (PCS) will publish aggregate flood loss information supplied by the NFIP. PCS is in the process of developing a database for NFIP catastrophe loss data.

“We see this as an opportunity to better integrate with the insurance industry,” said Roy Wright, Federal Emergency Management Agency’s (FEMA’s) director of the NFIP programme. “This better understanding of flood losses is in the interest of FEMA and our private sector partners. It can deepen the understanding of flood risk as the industry explores broader use of private lines in this space.”

Tom Johansmeyer, assistant vice president, PCS, said: “We appreciate the opportunity to work on this important initiative with the NFIP. The combined effort is the direct result of requests from our clients around the world to report NFIP losses, particularly in light of the programme’s recent engagement with the global reinsurance community. Improved reinsurer risk and capital management should benefit both the NFIP and the policyholders it protects.”

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