On Dec. 5, the Federal Emergency Management Agency (FEMA) announced that it is submitting a claim to recover the full $1.042 billion in reinsurance coverage under its 2017 Reinsurance Program.
This claim is based upon the National Flood Insurance Program (NFIP)'s losses associated with Hurricane Harvey. Those paid losses exceeded the minimum threshold for the NFIP's reinsurance coverage.
The NFIP transferred $1.042 billion of the NFIP's financial risk to the private reinsurance markets earlier in 2017, marking what FEMA described as "a key step toward a stronger and more resilient program" in the statement announcing the claim.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
