Hurricane Helene Flood Claims May Reach $7 Billion

November 12, 2024
1 min read
As of Nov. 7, more than 55,000 flood loss claims linked to Hurricane Helene have been filed with the National Flood Insurance Program, with payments totaling approximately $830 million so far, according to the Federal Emergency Management Agency.

As of Nov. 7, more than 55,000 flood loss claims linked to Hurricane Helene have been filed with the National Flood Insurance Program, with payments totaling approximately $830 million so far, according to the Federal Emergency Management Agency.

FEMA estimates that overall claim losses from Hurricane Helene could range from $3.5 billion to $7 billion, a figure that includes loss adjustment expenses. The majority of claims stem from Florida, though six states are impacted.

The agency’s projections are based on several factors, including policy information, daily claim and payment reports, historical data, current economic conditions, and adjuster observations. Funds to cover these claims will primarily come from the National Flood Insurance Fund and the Reserve Fund, which may be supplemented by FEMA’s authority to borrow up to $9.9 billion.

FEMA also holds $1.92 billion in reinsurance for fiscal year 2024. The reinsurance agreements, which involve both traditional and capital market placements, allow FEMA to share its risk with private reinsurers and investors. However, for the reinsurance program to be triggered fully, total NFIP flood claims from Hurricane Helene would need to reach at least $11.5 billion.

While the significant flood damage from Hurricane Helene may activate portions of FEMA’s reinsurance, it will take months for FEMA to determine if claim payouts reach the levels required for full reinsurance recovery.


As of Nov. 7, more than 55,000 flood loss claims linked to Hurricane Helene have been filed with the National Flood Insurance Program, with payments totaling approximately $830 million so far, according to the Federal Emergency Management Agency.
B.T. Clark
Publisher at The Georgia Sun

B.T. Clark is an award-winning journalist with 25-years experience in journalism. His work has appeared in several newspapers throughout the state including Neighbor Newspapers, The Cherokee Tribune and The Marietta Daily Journal. He is the publisher of The Georgia Sun and a fifth-generation Georgian.

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