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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge. -
Moody’s also predicts losses to the NFIP at potentially more than $2bn.
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The government flood insurance program now carries $21bn in debt.
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October 17 has been set as the deadline for written comment.
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The figure does not include NFIP losses.
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The residual insurer’s pricing is far from rate adequacy, and it is undercutting the commercial market.
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Sources expect loss amplification in claims from Georgia, the Carolinas and Tennessee.
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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Insurers are fighting to recoup claims they have paid out.
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Idaho and Minnesota far outpaced other reporting states in premium growth, stamping office data shows.
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Insurance Insider US chats with Kevin Doyle on the state of the E&S market during WSIA.
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Increased antitrust activity and the NFIP’s dissolution would present new challenges for the industry.
