NFIP News
Private Flood Insurance Market Growing; NFIP ‘Adrift’: AM Best
Hurricane Ian may result in one of the largest losses in the history of the National Flood Insurance Program and add to its current $20.5 billion debt.
FEMA Projects $3.5-$5.3B NFIP Losses for Hurricane Ian
On Friday, the Federal Emergency Management Agency announced an initial estimate of Hurricane Ian losses for the National Flood Insurance Program, putting them in the range of $3.5-$5.3 billion, ...
National Flood Insurance Program Extended to Mid-December
Late last week President Joe Biden signed legislation passed by Congress to extend the National Flood Insurance Program's authorization to Dec. 16, 2022. "NFIP reauthorization is an opportunity for ...
Unrated Insurers at Risk From Ian; Reinsurers Impacted: Fitch
Offering an initial estimate of $25-$40 billion in insured losses from Hurricane Ian, Fitch Ratings said that P/C insurance and reinsurance company credit ratings are unlikely to be downgraded as a ...
81% of Flood Insurance Policyholders Will See Rate Increases
When the Federal Emergency Management Agency rolled out a major overhaul to its beleaguered National Flood Insurance Program last April, it promised that bigger, richer homes would bear the brunt of ...
Flood Rating 2.0 Begins April 1 for NFIP Renewals, Hiking Premiums for 2 Million Homes
Starting April 1, property owners in low-lying areas across the country will see their premiums increase when they renew their flood insurance policies, thanks to the federal government's new ...
U.S. Senators See ‘Actuarial Disaster’ on the Horizon With Flood Risk Rating 2.0
U.S. senators from coastal states are predicting "an actuarial disaster" in the future once FEMA's new flood insurance rating systems goes into full swing. In a press call on Sept. 30, Louisiana Sen. ...
U.S. Flood Insurance Market Slowly Transitioning to Private Carriers: AM Best
The country's flood insurance market is slowly transitioning toward private insurers providing additional options to the federal government's program for those seeking coverage, according to a new AM ...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program, the NFIP rates would need to ...