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Facts + Statistics: Flood insurance

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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 (1)

 

Rank Date Event Number of
paid losses		 Amount paid
($ millions)
when occurred		 Amount paid
($ millions)
in 2024 dollars		 Average paid loss
in 2024 dollars
1 Aug. 2005 Hurricane Katrina 168,200 $16,330  $26,247  $156,046 
2 Oct. 2012 Superstorm Sandy 132,800 8,967 12,236 92,139 
3 Sep. 2017 Hurricane Harvey 77,100 9,015 11,591 150,337 
4 Sep. 2022 Hurricane Ian 48,000 4,300 4,555 94,896 
5 Sep. 2008 Hurricane Ike 46,900 2,711 3,911 83,390 
6 Aug. 2016 Louisiana severe storms and flooding 27,600 2,522 3,305 119,746 
7 Sep. 2004 Hurricane Ivan 31,000 1,671 2,778 89,613 
8 May 2001 Tropical Storm Allison 30,900 1,110 1,968 63,689 
9 Aug. 2011 Hurricane Irene 43,800 1,344 1,873 42,763 
10 Sep. 2024 Hurricane Helene 43,700 1,779 1,779 40,709 

(1) Defined by the National Flood Insurance Program as an event that produces at least 1,500 paid losses, since 1978.  As of January 2025.

Source: Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) data; analysis courtesy of Aon.

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Private flood insurance

Private Flood Insurance, 2017-2023

($000)

Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2017 $470,961 69.5% 186.1 92.3 pts.
2018 540,875 14.8 55.0 -131.1
2019 287,197 -46.9 58.5 3.5
2020 302,444 5.3 50.7 -7.8
2021 524,209 73.3 65.0 14.3
2022 774,250 47.7 70.9 5.9
2023 803,075 3.7 33.7 -37.3

(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.

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Top 10 Writers Of Private Flood Insurance By Direct Premiums Written, 2023 (1)

($000)

Rank Group/company Direct premiums written (2) Market share (3)
1 Zurich Insurance Group $165,972 12.1%
2 Berkshire Hathaway Inc. 161,266 11.8
3 AXA 144,462 10.5
4 Assurant Inc. 123,545 9.0
5 American International Group (AIG) 119,244 8.7
6 Liberty Mutual 87,811 6.4
7 Swiss Re Ltd. 77,037 5.6
8 MS&AD Insurance 76,243 5.6
9 Sompo 64,683 4.7
10 Allstate Corp. 54,988 4.0

(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.

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Coastal State Storm Surge And Hurricane Wind Risk

U.S. Storm Surge Risk, Gulf and Atlantic States, 2024

 

Storm surge risk level (1)
(Storm category)		 Number of homes Reconstruction cost value (2)
($billions)
Category 1 1,304,612 $396.0
Category 2 2,805,963 875.0
Category 3 4,553,182 1,403.0
Category 4 6,602,039 2,042.0
Category 5 7,735,659 2,343.0

(1) The risk categories are cumulative and increase in value from Category 1 to Category 5. Category 1 represents the higher risk of damage from a weak hurricane; Category 5 includes Categories 1 to 4 and the low risk of damage from a Category 5 hurricane.
(2) Combines materials, equipment and labor, but does not include the value of the land or lot.

Source: CoreLogic®, a property data and analytics company. May not be re-sold, republished or licensed to any other source without prior written permission from CoreLogic.

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U.S. Hurricane Wind Risk, Gulf and Atlantic States, 2024

 

Hurricane wind risk level (1) Number of homes Reconstruction cost value (2)
($billions)
Extreme 6,437,350 $1,680.0
Very high or greater 14,929,120 4,183.0
High or greater 22,776,568 7,159.0
Moderate or greater 32,744,262 10,849.0

(1) The risk categories are cumulative and increase in value from extreme to moderate or greater. The moderate or greater wind risk level encompasses all four wind risk levels.
(2) Combines materials, equipment and labor, but does not include the value of the land or lot.

Source: CoreLogic®, a property data and analytics company. May not be re-sold, republished or licensed to any other source without prior written permission from CoreLogic.

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Top Metropolitan Areas At Risk for Storm Surge and Hurricane Wind, 2024

 

  At risk for storm surge
Metropolitan area (1) Number of homes Reconstruction cost value (2) ($billions)
New York 878,226 $415.4
Miami 509,133 124.0
Houston 192,937 52.6
  At risk for hurricane wind
Metropolitan area (1) Number of homes Reconstruction cost value (2) ($billions)
New York 3,765,489 $1,961.1
Houston 2,092,308 671.3
Miami 2,048,827 511.4

(1) The Miami, New York and Houston metro areas studied in this analysis are defined by the Core Based Statistical Areas (CBSAs) of that region. In Miami, this includes the Miami-Fort Lauderdale-Pompano Beach, FL area; in New York City, this includes the New York City-Newark-Jersey City, NY-NJ-PA area; in Houston, this includes Houston-The Woodlands-Sugarland, TX.
(2) Combines materials, equipment and labor, but does not include the value of the land or lot.

Source: CoreLogic®, a property data and analytics company.

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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.

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