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	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.

	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.

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.