The Federal Emergency Management Agency (FEMA) announced last week that it has purchased $502.5 million in reinsurance from 18 carriers on potential flood insurance losses during 2023. The coverage will apply to portions of insured losses that exceed $7 billion from a single flood event.
This is the seventh consecutive year that FEMA has purchased reinsurance on the National Flood Insurance Program (NFIP.) FEMA paid $90.2 million in premium for the coverage.