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The Watermark - National Flood Insurance Program Financial Statements

The Watermark is a quarterly report that provides transparency on the financial state of the National Flood Insurance Program (NFIP). This report provides information about the NFIP to interested groups and individuals, such as policyholders, industry partners and government officials.

Download the Latest Watermark - Third Quarter FY2022

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Current as of June 30, 2022

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Participating Communities

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Average Annual Premium
(Incl. Premium & Federal Policy Fee)

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$1.3 Trillion

Total Coverage of NFIP Policies

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4.764 Million

Number of NFIP Policies in Force

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$18.5 Billion

Capacity to Pay Claims

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$20.5 Billion

Outstanding Debt with Treasury

Featured News

This section outlines the current state of the NFIP’s debt to Treasury and proposes potential reforms to address this accumulation of debt.
An overview of FEMA’s Flood Mitigation Assistance program that provides a summary of the program’s results for FY 2021. Relevant details of the program for FY 2022 are also provided. This program is key to FEMA’s resilience efforts as catastrophic flooding persists.

NFIP Available Funds - as of 6/30/2022

The NFIP’s Available Resources provides information similar to a “Balance Sheet” used in the private sector. It is a snapshot of the program’s finances, including any prior period carryover for the given period.

AVAILABLE RESOURCES ($ in Thousands) March 31, 2022` June 30, 2022
Flood Fund Balance 6,517,524 7,077,574
Unpaid Obligations(786,591)(864,556)
Unpaid Loss & Loss Adjustment (Claims)(295,049)(244,722)
Mandatory Sequestration(74,000)(74,499)
Flood Fund Available Resources5,361,8855,893,796
Reserve Fund Balance1,124,005740,560
Net Investments1,911,6852,415,671
Outstanding Obligations(487,793)(410,271)
Reserve Fund Available Resources2,547,8982,745,960
Remaining Borrowing Authority9,900,000 9,900,000
NFIP Total Capacity to Pay Claims *17,809,78218,539,756

* FEMA’s reinsurance placements augment the NFIP’s Available Resources. After qualifying losses for a single event exceed $4 billion, the NFIP may collect up to $2.48 billion should the event reach $10B in losses.

Statements of Operations - as of 6/30/2022

National Flood Insurance Fund ($ in Thousands)

REVENUEFY 2021 FY 2022 Q3FY 2022 YTD
Federal Policy Fee187,76059,544136,291
Other Revenue13,6932,6348,567
Total Flood Fund Revenue3,722,7411,026,7342,526,568
EXPENSESFY 2021FY 2022 Q3FY 2022 YTD
Total Loss & Loss Adjustment (Claims)1,369,00388,7471,464,518
Unpaid Loss & Loss Adjustment (Claims)*525,545(86,149)(1,032,369)
Write Your Own (WYO) Expense Allowance938,959255,151651,059
Interest Paid on Debt356,81378,118221,461
Floodplain Management & Mapping Activities223,42746,420117,273
Flood Related Grant Activities239,30526,96850,796
Other Expenses246,315135,072175,449
Total Flood Fund Expenses3,958,697560,0301,688,188
FLOOD FUND NET INCOME (LOSS)**(235,956)466,704838,380

National Flood Insurance Reserve Fund ($ in Thousands)

REVENUEFY 2021FY 2022 Q3FY 2022 YTD
Return on Investment77,3321,95210,923
Total Reserve Fund Revenue998,447207,373663,117
EXPENSESFY 2021FY 2022 Q3FY 2022 YTD
Total Loss & Loss Adjustment (Claims)000
Obligated But Not Expended51,990(77,522)82,689
Total Reserve Fund Expenses443,70613,387357,104
RESERVE FUND NET INCOME (LOSS)554,741193,986306,013

** The combination of Total Revenue and Total Expenses contribute to the Net Income or Net Losses for the NFIP. Because of the NFIP’s current structure of premium discounts, interest expenses on debt, and loss concentrations, Net Losses are anticipated.

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