NFIP reinsurance News

FEMA Transfers More Flood Risk with $300 Million Cat Bond

The Federal Emergency Management Agency (FEMA) has again turned to private reinsurance markets to help strengthen the financial framework of the National Flood Insurance Program (NFIP). Last week FEMA entered into a three-year reinsurance agreement, effective April 17, 2019, with …

Government Overhaul of National Flood Insurance Cheered by Climate Resilience Experts

Climate advocates say an overhaul of the nation’s flood insurance program being unveiled by the Trump administration will spur communities around the country to better plan for extreme weather, but could drive up costs for some homeowners. The changes being …

Federal Flood Insurance Premiums Could Rise in Flood-Prone Areas Under Trump Plan

Flood insurance premiums could rise and property values fall in the most deluge-prone areas under a plan the Trump administration intends to roll out in coming weeks to change the way risk is calculated under the National Flood Insurance Program. …

FEMA Renews $1.3 Billion Reinsurance Program with 28 Carriers

The Federal Emergency Management Agency (FEMA) has renewed for the third year a reinsurance program that transfers future catastrophic flood insurance losses to the private sector The 2019 traditional reinsurance placement for the National Flood Insurance Program (NFIP) transferred $1.32 …

FEMA Seeking to Renew Its Private Reinsurance for Flood Insurance Program

The Federal Emergency Management Agency (FEMA) has begun the process of renewing its private market reinsurance for the National Flood Insurance Program for 2019, a purchase that could encompass $2 billion of reinsurance. FEMA said it intends to procure reinsurance …

FEMA Grows Its Flood Reinsurance Plan with $500 Million Cat Bond

The Federal Emergency Management Agency (FEMA) has secured a reinsurance placement for the National Flood Insurance Program (NFIP) that for the first time is directly backed by capital markets investors. FEMA has entered into a three-year reinsurance agreement, effective August …

FEMA Expands Flood Reinsurance Program with Private Reinsurers for 2018

The Federal Emergency Management Agency (FEMA) has completed a reinsurance placement with 28 private reinsurers to help the National Flood Insurance Program (NFIP) recover losses it may have to pay in 2018. Expanding on its first private reinsurance placement last …

U.S. Flood Program to Collect $1 Billion in Reinsurance for Hurricane Harvey Claims

The Federal Emergency Management Agency (FEMA) is seeking to recover the full $1.042 billion of its reinsurance coverage to help pay the federal flood insurance program’s losses from Hurricane Harvey. Those paid losses exceeded the minimum threshold for the NFIP’s …

National Flood Insurance Program Secures $1 Billion in Reinsurance for 2017; 25 Reinsurers Participate

For just the second time in its history, the federal government’s National Flood Insurance Program (NFIP) has reinsurance to help it weather major storms. The Federal Emergency Management Agency (FEMA), which manages NFIP, announced that it has secured more than …

National Flood Insurance Program Buys Private Reinsurance, Plans More in 2017

The federal government has contracted with private reinsurers to improve the National Flood Insurance Program’s claims paying ability and reduce the need for the NFIP to borrow from the U.S. Treasury to cover future claims. The Federal Emergency Management Agency …