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FEMA's maximum flood insurance payout: $7.6 billion; insured losses estimate: $10 billion plus

Source: nola.com - Aug 31, 2017

SAN ANTONIO -- The U.S. government's National Flood Insurance Program has about $7.6 billion to pay Hurricane Harvey-related claims. But analysts estimating damages of several times that amount.

"The National Flood Insurance Program has $1.7 billion available to pay claims," said Andrew Read of the Federal Insurance Mitigation Administration, which is part of the Federal Emergency Management Agency. "Additionally, the NFIP has $5.9 billion in borrowing authority to pay claims resulting from Hurricane Harvey. This does not include additional resources that reinsurance may provide."

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Category: General Business