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