Flood

Facts + Statistics: Flood insurance

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 when occurred ($ millions)	Amount paid in 2024 dollars ($ millions)	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.

Private flood insurance

Private Flood Insurance, 2017-2023

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.

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

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.

Coastal State Storm Surge And Hurricane Wind Risk

NATIONAL HEALTH EXPENDITURES, AVERAGE ANNUAL PERCENT GROWTH FROM PRIOR YEAR, 1993-2022

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.

Selected Indicators, Fdic-Insured Savings Institutions, 2003-2007

	2003	2004	2005	2006	2007
Return on assets (%)	1.40	1.30	1.31	1.33	0.95
Return on equity (%)	15.33	13.72	12.88	13.02	9.29
Core capital (leverage) ratio (%)	7.85	7.82	7.91	7.86	7.64
Noncurrent assets plus other real estate owned to assets (%)	0.77	0.55	0.48	0.52	0.85
Net charge-offs to loans (%)	0.89	0.63	0.56	0.41	0.61
Asset growth rate (%)	7.41	10.70	7.44	11.61	10.76
Net interest margin (%)	3.83	3.60	3.55	3.39	3.35
Net operating income growth (%)	15.49	3.43	11.89	11.16	-19.75
Number of institutions reporting	7,770	7,631	7,526	7,401	7,282
Percentage of unprofitable institutions (%)	6.02	5.88	6.31	7.53	10.70
Number of problem institutions	106	72	44	44	58
Assets of problem institutions ($ billions)	29	27	5	4	21
Number of failed/assisted institutions	3	3	0	0	2

Source: Federal Deposit Insurance Corporation.

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.