FEMA signs pact with 28 reinsurers to take on $1.46 billion in flood risk

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.46 billion in flood risk” alt=”FEMA signs pact with 28 reinsurers to take on .46 billion in flood risk” width=”800″ height=”533″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/new-china-banking-insurance-regulator-to-improve-governance-risk-management-vice-chair.jpg”>FEMA signs pact with 28 reinsurers to take on $1.46 billion in flood risk

(Reuters) – The Federal Emergency Management Agency (FEMA) has transferred $1.46 billion of risk from its flood insurance program to 28 private reinsurers for 2018, the agency said on Friday.

FEMA, which paid $235 million for the coverage, said the reinsurance agreement covers 18.6 percent of National Flood Insurance Program (NFIP) losses of between $4 billion and $6 billion and 54.3 percent of losses between $6 billion and $8 billion, FEMA said.

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Source: Investing.com