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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 - Second Quarter FY2022

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Current as of March 31, 2022

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Participating Communities

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

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$1.26 Trillion

Total Coverage of NFIP Policies

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4.805 Million

Number of NFIP Policies in Force

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$17.8 Billion

Capacity to Pay Claims

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$20.5 Billion

Outstanding Debt with Treasury

Featured News

The 2021 OFIA Annual Report highlights affordability issues across the NFIP and makes recommendations for programmatic improvements.
In March 2022, FEMA launched the Flood Mitigation Assistance (FMA) program Swift Current initiative that seeks to substantially speed up the delivery of funding following a flood event.

NFIP Available Funds - as of 3/31/2022

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)Dec. 31, 2021Mar 31, 2022
Flood Fund Balance5,735,0646,517,524
Unpaid Obligations(878,473)(786,591)
Unpaid Loss & Loss Adjustment (Claims)(537,495)(295,049)
Mandatory Sequestration(74,000)(74,000)
Flood Fund Available Resources4,245,0965,361,885
Reserve Fund Balance1,596,9051,124,005
Net Investments1,334,9911,911,685
Outstanding Obligations(404,266)(487,793)
Reserve Fund Available Resources2,527,6292,547,898
Remaining Borrowing Authority9,900,000 9,900,000
NFIP Total Capacity to Pay Claims *16,672,72517,809,782

* FEMA’s reinsurance placements augment the NFIP’s Available Resources. After qualifying losses for a single event exceed $4B, the NFIP may collect up to $2.3B should the event reach $10B in losses.

Statements of Operations - as of 3/31/2022

National Flood Insurance Fund ($ in Thousands)

REVENUEFY 2021 FY 2022 Q2FY 2022 YTD
Federal Policy Fee187,76037,78276,747
Other Revenue13,6931515,933
Total Flood Fund Revenue3,722,741767,7861,499,834
EXPENSESFY 2021FY 2022 Q2FY 2022 YTD
Total Loss & Loss Adjustment (Claims)1,369,003253,8721,375,771
Unpaid Loss & Loss Adjustment (Claims)*525,545(255,429)(946,220)
Write Your Own (WYO) Expense Allowance938,959191,561395,908
Interest Paid on Debt356,81370,884143,343
Floodplain Management & Mapping Activities223,42728,19828,198
Flood Related Grant Activities239,30521,60223,828
Other Expenses246,31544,22540,377
Total Flood Fund Expenses3,958,697366,8991,128,158
FLOOD FUND NET INCOME (LOSS)**(235,956)400,887371,676

National Flood Insurance Reserve Fund ($ in Thousands)

REVENUEFY 2021FY 2022 Q2FY 2022 YTD
Return on Investment77,3327,4078,971
Total Reserve Fund Revenue998,447197,237455,744
EXPENSESFY 2021FY 2022 Q2FY 2022 YTD
Total Loss & Loss Adjustment (Claims)000
Obligated But Not Expended51,99083,526160,211
Total Reserve Fund Expenses443,706175,127343,717
RESERVE FUND NET INCOME (LOSS)554,74122,110112,027

* 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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