Flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available as a separate policy from the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA), and from many private insurers. Industry observers note that many properties that should have flood coverage do not. According to a 2023 Triple-I/Munich Re Consumer Survey, 22 percent of homeowners reported that they are at risk of flood. Of those, 78 percent purchased flood insurance—35 percent from a private insurance provider and 43 percent through the National Flood Insurance Program.
Top 10 Most Significant Flood Events By National Flood Insurance Program Payouts, 2025 (1)
| Rank |
Date |
Event |
Number of
paid losses |
Amount paid
when occurred
($ millions) |
Amount paid
in 2025 dollars
($ millions) |
Average paid loss
in 2025 dollars |
| 1 |
Aug. 2005 |
Hurricane Katrina |
168,200 |
$16,330 |
$27,007 |
$160,565 |
| 2 |
Oct. 2012 |
Superstorm Sandy |
132,800 |
8,967 |
12,591 |
94,812 |
| 3 |
Sep. 2017 |
Hurricane Harvey |
77,100 |
9,015 |
11,926 |
154,682 |
| 4 |
Sep. 2024 |
Hurricane Helene |
57,800 |
5,803 |
5,978 |
103,426 |
| 5 |
Sep. 2022 |
Hurricane Ian |
48,000 |
4,300 |
4,687 |
97,646 |
| 6 |
Sep. 2008 |
Hurricane Ike |
46,900 |
2,711 |
4,024 |
85,800 |
| 7 |
Aug. 2016 |
Louisiana severe storms and flooding |
27,600 |
2,522 |
3,401 |
123,225 |
| 8 |
Sep. 2004 |
Hurricane Ivan |
31,000 |
1,671 |
2,859 |
92,226 |
| 9 |
May 2001 |
Tropical Storm Allison |
30,900 |
1,110 |
2,025 |
65,534 |
| 10 |
Aug. 2011 |
Hurricane Irene |
43,800 |
1,344 |
1,927 |
43,995 |
(1) Defined by the National Flood Insurance Program as an event that produces at least 1,500 paid losses, since 1978. As of January 2026.
Source: Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) data; analysis courtesy of Aon.
Private Flood Insurance, 2017-2024
| Year |
Net premiums
written (1) |
Annual percent
change |
Combined
ratio (2) |
Annual point
change (3) |
| 2017 |
$470,963 |
69.6% |
186.2 |
93.1 pts. |
| 2018 |
540,902 |
14.9 |
55.0 |
-131.2 |
| 2019 |
287,197 |
-46.9 |
59.5 |
4.5 |
| 2020 |
302,445 |
5.3 |
50.7 |
-8.8 |
| 2021 |
524,211 |
73.3 |
65.0 |
14.3 |
| 2022 |
774,279 |
47.7 |
71.1 |
6.1 |
| 2023 |
803,069 |
3.7 |
33.9 |
-37.2 |
| 2024 |
729,954 |
-9.1 |
83.1 |
49.2 |
(1) After reinsurance transactions, excludes state funds and premiums written by private insurers participating in the National Flood
Insurance Program’s Write Your Own program.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
Top 10 Writers Of Private Flood Insurance By Direct Premiums Written, 2025 (1)
| Rank |
Group/company |
Direct premiums written (1) |
Market share (2) |
| 1 |
MS&AD Insurance |
$174,080 |
14.2% |
| 2 |
AXA |
166,891 |
13.7 |
| 3 |
Assurant Inc. |
120,296 |
9.8 |
| 4 |
Berkshire Hathaway Inc. |
113,252 |
9.3 |
| 5 |
Liberty Mutual |
99,881 |
8.2 |
| 6 |
Allstate Corp. |
71,413 |
5.8 |
| 7 |
American International Group (AIG) |
70,211 |
5.8 |
| 8 |
Swiss Re Ltd. |
60,251 |
4.9 |
| 9 |
Chubb Ltd. |
55,582 |
4.6 |
| 10 |
Sompo |
47,270 |
3.9 |
(1) Private flood includes both commercial and private residential coverage, primarily first-dollar standalone policies that cover the flood peril and excess flood. Excludes sewer/water backup and the crop flood peril.
(2) Before reinsurance transactions.
(3) Based on U.S. total, excluding territories
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
U.S. Storm Surge Risk, Gulf and Atlantic States, 2025
| Storm surge risk level |
Number of homes |
Reconstruction cost value (1)
($billions) |
| Moderate or greater |
6,619,562 |
$2,187.4 |
(1) Combines materials, equipment and labor, but does not include the value of the land or lot.
Source: CotalityTM, a property data and analytics company.
U.S. Hurricane Wind Risk, Gulf and Atlantic States, 2025
| Hurricane wind risk level |
Number of homes |
Reconstruction cost value (1)
($billions) |
| Moderate or greater |
33,108,821 |
$11,675.9 |
(1) Combines materials, equipment and labor, but does not include the value of the land or lot.
Source: CotalityTM, a property data and analytics company.
Atlantic and Gulf Coast States Ranked By Building Codes and Related Factors, 2012 to 2024 (1)
| Rank |
State |
2012 |
2015 |
2018 |
2021 |
2024 |
| 1 |
Virginia |
95 |
95 |
94 |
94 |
96 |
| 2 |
Florida |
95 |
94 |
95 |
95 |
95 |
| 3 |
South Carolina |
84 |
92 |
92 |
92 |
92 |
| 4 |
New Jersey |
94 |
89 |
90 |
90 |
92 |
| 5 |
Louisiana |
74 |
82 |
83 |
82 |
91 |
| 6 |
Connecticut |
81 |
88 |
89 |
89 |
90 |
| 7 |
Rhode Island |
79 |
87 |
87 |
89 |
90 |
| 8 |
North Carolina |
82 |
84 |
83 |
88 |
85 |
| 9 |
Massachusetts |
87 |
79 |
81 |
78 |
77 |
| 10 |
Maryland |
74 |
78 |
78 |
78 |
77 |
| 11 |
Georgia |
67 |
69 |
68 |
69 |
67 |
| 12 |
New York |
60 |
56 |
64 |
60 |
67 |
| 13 |
New Hampshire |
49 |
48 |
46 |
48 |
47 |
| 14 |
Maine |
64 |
55 |
54 |
55 |
46 |
| 15 |
Mississippi |
4 |
28 |
28 |
29 |
44 |
| 16 |
Texas |
18 |
36 |
34 |
34 |
33 |
| 17 |
Alabama |
18 |
26 |
27 |
30 |
30 |
| 18 |
Delaware |
17 |
17 |
17 |
17 |
23 |
(1) Rating based on the current statewide residential building code, the processes in place to ensure uniform code application, state and local enforcement programs, licensing and education of building officials, contractors, and subcontractors.
Source: Insurance Institute for Business and Home Safety.
