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26 January 2024Insurance

NFIP flood program draws support for extension, mixed views to reform

The National Flood Insurance Program (NFIP), set to expire March 8 without Congressional intervention, appeared set for bi-partisan support for some form of program extension, but with members of the Senate banking commission showing visible divisions over the reforms needed to keep the program affordable, sustainable or perhaps both. 

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More on this story

Insurance
Ida insured losses to jump on inland flooding, material in some regions: RMS
17 September 2021   This is despite the majority of flood damages for the event being uninsured.
Alternative Risk Transfer
FEMA grows NFIP flood reinsurance to $2.12bn with new $300m cat bond
23 April 2019   The US Federal Emergency Management Agency (FEMA) has secured a $300 million reinsurance placement for the National Flood Insurance Program (NFIP) from the capital markets investors, brings the total flood cover to $2.12 billion.
News
FEMA renews $1.32bn NFIP reinsurance programme for 2019 with 28 carriers
31 January 2019   The Federal Emergency Management Agency (FEMA) has reduced the size of its annual reinsurance placement which provides coverage for the National Flood Insurance Program (NFIP).


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