So far, policyholders of the National Flood Insurance Program (NFIP) have filed more than 54,000 claims following Hurricane Helene, the U.S. Federal Emergency Management Agency (FEMA) has reported.
Helene was the sixth named storm of the 2024 Atlantic hurricane season and the fourth to make landfall in the U.S. It struck west-southwest of Perry in Taylor County, Florida, on September 27 as a Category 4 hurricane, with maximum sustained winds of 140 mph.
While these are filed claims from policyholders, not the number of claims payments made, the figure of 55,000 is a high number for an NFIP loss event and could be among the most costly flood events it has ever responded to.
FEMA said on Helene, that as of October 25th, “More than 54,000 National Flood Insurance Program Policyholders who had flood damage from Helene in affected states have filed claims.
“As of today, policyholders have received approximately $480 million to repair their properties and replace contents.”
For comparison, FEMA reported that it made 47,000 claims payments for 2022’s hurricane Ian, an event that resulted in over $4.5 billion in claims payments being made.
As Reinsurance News understands, NFIP claims for Helene will continue to be filed over the coming weeks, given that some of the more devastated regions are only becoming more accessible now.
How those 55,000 claims that have been filed, as well as any additional claims filed over the coming weeks, translate into actual claims payments being made will be critical in defining the eventual Helene impact on the NFIP.
At the same time, Hurricane Milton is additionally likely to be a sizeable loss event for the NFIP, especially in Florida.
Hurricane Milton made landfall on the 9th of October in Sarasota County (Siesta Key) on the east coast of Florida as a Category 3 hurricane, bringing strong winds, heavy rainfall, tornadoes, and storm surges, resulting in loss of life, damage to property and infrastructure, and power outages.
According to KCC, in contrast to Helene, most of the damage from Milton was caused by wind.