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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 FY2021

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Current as of June 30, 2021

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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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4.983 Million

Number of NFIP Policies in Force

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$16.9 Billion

Capacity to Pay Claims

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$20.5 Billion

Outstanding Debt with Treasury

Featured News

In June, the Risk Management Directorate updated its Building Community Resilience with Nature-Based Solutions: A Guide for Local Communities publication to emphasize using nature-based solutions to combat the risk posed by the changing climate.
In August, FEMA announced the full application launch of the National Risk Index, an online resource that visually identifies traits of the communities most at risk from natural hazards.

This online mapping application provides a holistic view of community risk by providing baseline relative risk scores. It measures a community’s risk for 18 natural hazards, in addition to resilience, social vulnerability and expected annual loss.

NFIP Available Funds - as of 06/30/2021

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)Mar. 31, 2021June 30, 2021
Flood Fund Balance5,910,8186,340,328
Unpaid Obligations(760,242)(860,621)
Unpaid Loss & Loss Adjustment (Claims)(292,556)(524,033)
Mandatory Sequestration(88,806)(88,806)
Flood Fund Available Resources4,769,2144,866,868
Reserve Fund Balance277,976770,709
Net Investments2,102,2461,513,828
Outstanding Obligations(504,445)(424,121)
Reserve Fund Available Resources1,875,7781,064,308
Remaining Borrowing Authority9,900,0009,900,000
NFIP Total Capacity to Pay Claims *16,544,99216,911,029

* 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 $2.9B should the event reach $10B in losses.

Statements of Operations - as of 06/30/2021

National Flood Insurance Fund ($ in Thousands)

REVENUEFY 2020 FY 2021 Q3FY 2021 YTD
Federal Policy Fee191,19954,269135,358
Other Revenue10,2132,2289,687
Total Flood Fund Revenue3,711,5521,092,9952,627,880
EXPENSESFY 2020FY 2021 Q3 FY 2021 YTD
Total Loss & Loss Adjustment (Claims)1,447,313271,647945,245
Unpaid Loss & Loss Adjustment (Claims)*(670,576)204,583(210,538)
Write Your Own (WYO) Expense Allowance901,715262,953659,236
Interest Paid on Debt438,41271,280284,749
Floodplain Management & Mapping Activities174,29550,716122,641
Flood Related Grant Activities121,29172,924206,763
Other Expenses266,83390,114164,979
Total Flood Fund Expenses2,736,9451,041,3012,214,429
FLOOD FUND NET INCOME (LOSS)**974,60751,694413,451

National Flood Insurance Reserve Fund ($ in Thousands)

REVENUEFY 2020FY 2021 Q3FY 2021 YTD
Return on Investment13,743234,61272,746
Total Reserve Fund Revenue935,904234,612700,422
EXPENSESFY 2020FY 2021 Q3FY 2021 YTD
Total Loss & Loss Adjustment (Claims)000
Obligated But Not Expended73,624(105,910)148,532
Total Reserve Fund Expenses359,3290443,706
RESERVE FUND NET INCOME (LOSS)576,575234,612256,716

* In FY 2019, a new Federal Accounting Standard, Statement of Federal Financial Accounting Standards (SFFAS) 51 was issued that made changes to how claims are reported. SFFAS 51 gives guidance that claims must be reported at the time of occurrence. Unpaid Claims in this Watermark report show claims pursuant to SFFAS 51 and have been separated from Total Loss & Loss Adjustment. Unpaid claims include projections of claims reported, and projections of claims Incurred But Not Reported (IBNR), which is an estimate of claims not yet reported to insurance companies.

** 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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