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 reinsurance coverage. Earlier this year, the National Flood Insurance Program (NFIP) transferred $1.042 billion of the NFIP’s financial risk to the private reinsurance markets, marking a key step towards a stronger and more resilient program.

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Source: Insurance Journal

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