Insured losses from floods doubled to $83 million during 2011-2020 as compared to the previous decade and global flood losses reached $20 billion in 2021 alone, according to Swiss Re. (Photo: bilanol/Adobe Stock)
The Federal Emergency Management Agency (FEMA) recently updated its projections of Hurricane Ian claims handled through the National Flood Insurance Program (NFIP).
The agency reported on Nov. 10, 2022, that so far 44,000 flood claims have filed through the NFIP, and it has paid nearly $437 million to policyholders as a result of Hurricane Ian. FEMA said it projects that Hurricane Ian could result in as much as $5.3 billion in NFIP claims losses. "The losses include flood insurance claims received from five states, with the majority of claims coming from Florida," the agency said in a press release.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
