Continuing the practice of resiliency and protection against future floods, the Federal Emergency Management Agency (FEMA) announced today its 2018 reinsurance placement for the National Flood Insurance Program (NFIP).
Reinsurance increases the NFIP’s flood claims-paying ability by transferring a portion of the NFIP’s potential losses to the private reinsurance markets. Expanding on its inaugural placement, which occurred last year, FEMA transferred $1.46 billion of the NFIP’s financial risk to the private reinsurance market. This Reinsurance Agreement is effective from January 1, 2018, to January 1, 2019, with 28 private reinsurance companies. Read more