The U.S. Federal Emergency Management Agency (FEMA) has reported that as of November 12th, 2024, more than 56,000 policyholders have filed claims following the landfall of hurricane Helene, with National Flood Insurance Program (NFIP) payments to policyholders for flood losses from the storm now above $1.4 billion.
In late October, FEMA reported that NFIP policyholders had filed more than 54,000 claims following hurricane Helene, a figure which rose to over 55,000 as of November 7th, when FEMA pegged NFIP losses from Helene at between $3.5 billion and $7 billion.
At this time, FEMA said that the NFIP had paid roughly $830 million in claim payments to policyholders, so has risen by at least $570 million to the most recent more than $1.4 billion figure.
The up to $7 billion total estimated loss range remains the same as of November 12th, although FEMA notes that it is subject to change as climate continue to filter through.
The losses include flood insurance claims received from six states, the majority from Florida. Of the amount paid, FEMA states that over $520 million was paid as advance payments, where policyholders may receive up to $20,000 prior to a visit from an insurance adjuster.
Jeff Jackson, Interim Senior Executive of the NFIP, commented, “I am deeply committed to helping our policyholders prioritize financial resources to help speed their recovery efforts in the wake of Hurricane Helene’s destruction. By extending the grace period for renewing policies, we are giving our policyholders some breathing room and demonstrating that the NFIP stands with them at time of tremendous heartache and difficulty.”
FEMA announced in early October that some NFIP policyholders in Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, and Virginia who had experienced flood damage from Helene had until November 26th, 2024, to renew their policies, which is an increase from the standard 30-day renewal grace period.
The post NFIP claims paid for hurricane Helene flood losses rise to more than $1.4bn appeared first on ReinsuranceNe.ws.