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25 February 2018

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Harvey expected to cost NFIP $11bn

Ted Bunker 13 September 2017

Hurricane Harvey will probably land the National Flood Insurance Program (NFIP) with $11bn of losses, mostly in Texas, according to the body's chief administrator.

The figure suggests that about $1bn in privately provided reinsurance cover will be totally exhausted from Harvey-related claims.

More than two dozen reinsurers backed the programme this year as it bought meaningful cover for the first time in its nearly 50-year lifespan, following a pilot effort involving $1mn of limit purchased last year.

The government-run programme,...

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