Facts + Statistics: Flood insurance

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.

Year	Net premiums written (1)	Annual percent change	Combined ratio (2)	Annual point change (3)
2017	$470,961.0	0.7%	186.1	92.3 pts.
2018	540,875.0	0.1	55.0	-131.1
2019	287,197.0	-46.9	58.5	3.5
2020	302,444.0	5.3	50.7	-7.8
2021	524,209.0	73.3	65.0	14.3
2022	768,688.0	46.6	70.8	5.8

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Rank	Group/company	Direct premiums written (2)	Market share (3)
1	American International Group (AIG)	$173,244	14.0%
2	Zurich Insurance Group	147,805	11.9
3	Assurant Inc.	120,520	9.71
4	AXA	117,210	9.4
5	Berkshire Hathaway Inc.	101,830	8.2
6	Swiss Re Ltd.	72,549	5.9
7	Sompo	71,000	5.7
8	Liberty Mutual	70,910	5.7
9	Chubb	48,238	3.9
10	Allstate Corp.	44,280	3.6

(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, includes territories.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

	Single-family residential homes potentially affected (1)	Multi-family residential homes potentially affected (2)
Storm surge risk level (3) (Storm category)	Number of units	Number of units
Category 1	1,278,734	40,032
Category 2	2,741,179	95,513
Category 3	4,445,280	158,792
Category 4	8,437,578	235,770
Category 5	7,557,343	261,432

(1) Residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins.
(2) Apartments, condominiums and multi-unit dwellings.
(3) 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.

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.

	Single-family residential homes potentially affected (1)		Multifamily residential homes potentially affected (2)
Hurricane wind risk level (3)	Number of units	Reconstruction cost value (4) ($ billions)	Number of units	Reconstruction cost value (4) ($ billions)
Extreme	6,366,925	$1,843.0	125,218	$45.9
Very high or greater	14,797,190	4,445.0	229,932	91.8
High or greater	22,304,482	7,420.5	661,973	353.8
Moderate or greater	32,084,697	11,085.1	992,979	559.8

(1) Residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins.
(2) Apartments, condominiums and multi-unit dwellings.
(3) 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.”
(4) 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.

	Single-family (1)
		At risk for storm surge				At risk for hurricane wind
Rank (2)	Metropolitan area	Number	Reconstruction cost value (2) ($ billions)	Rank (2)	Metropolitan area	Number	Reconstruction cost value (2) ($ billions)
1	New York, Newark, Jersey City	788,261	$406.4	1	New York, Newark, Jersey City	3,825,243	$2,145.6
2	Miami, Fort Lauderdale, Pompano Beach	746,602	211.4	2	Houston, The Woodlands, Sugar Land	2,085,879	643.1
3	Tampa, St. Petersberg, Clearwater	540,411	145.5	3	Miami, Fort Lauderdale, Pompano Beach	2,018,040	562.9
4	New Orleans, Metairie	405,975	127.0	4	Philadelphia, Camden, Wilmington	1,927,600	862.7
5	Virginia Beach, Norfolk, Newport News	399,326	122.7	5	Washington DC, Arlington, Alexandria	1,766,435	704.8
	Multi-family (3)
		At risk for storm surge				At risk for hurricane wind
Rank (2)	Metropolitan area	Number	Reconstruction cost value (2) ($ billions)	Rank (2)	Metropolitan area	Number	Reconstruction cost value (2) ($ billions)
1	New York, Newark, Jersey City	111,165	$66.9	1	New York, Newark, Jersey City	467,227	$278.1
2	Miami, Fort Lauderdale, Pompano Beach	31,428	9.9	2	Washington DC, Arlington, Alexandria	100,649	26.5
3	Boston, Cambridge, Newton	26,811	14.8	3	Boston, Cambridge, Newton	82,780	62.2
4	Cape Coral, Fort Myers	13,894	4.8	4	Miami, Fort Lauderdale, Pompano Beach	64,902	22.1
5	Tampa, St. Petersberg, Clearwater	12,572	4.4	5	Philadelphia, Camden, Wilmington	59,208	36.1

(1) Residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins.
(2) Combines materials, equipment and labor, but does not include the value of the land or lot.
(3) Apartments, condominiums and multi-unit dwellings.

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

Rank	State	2012	2015	2018	2021
1	Florida	95	94	95	95
2	Virginia	95	95	94	94
3	South Carolina	84	92	92	92
4	New Jersey	93	89	90	90
5	Connecticut	81	88	89	89
6	Rhode Island	78	87	87	89
7	North Carolina	81	84	83	88
8	Louisiana	73	82	83	82
9	Massachusetts	87	79	81	78
10	Maryland	73	78	78	78
11	Georgia	66	69	68	69
12	New York	60	56	64	60
13	Maine	64	55	54	55
14	New Hampshire	49	48	46	48
15	Texas	18	36	34	34
16	Alabama	18	26	27	30
17	Mississippi	4	28	28	29
18	Delaware	17	17	17	17

(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.