On Dec. 5, the Federal EmergencyManagement Agency (FEMA) announced that it is submitting aclaim to recover the full $1.042 billion in reinsurance coverageunder its 2017 Reinsurance Program.

This claim is based upon the National Flood Insurance Program (NFIP)'s lossesassociated with Hurricane Harvey. Those paid losses exceeded theminimum threshold for the NFIP's reinsurance coverage.

The NFIP transferred $1.042 billion of the NFIP's financial riskto the private reinsurance markets earlier in 2017, marking whatFEMA described as "a key step toward a stronger and more resilientprogram" in the statement announcing the claim.

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Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].