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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 - Fourth Quarter FY2022

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Current as of Sept. 30, 2022

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Participating Communities

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

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$1.28 Trillion

Total Coverage of NFIP Policies

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4.719 Million

Number of NFIP Policies in Force

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$16.1 Billion

Capacity to Pay Claims

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$20.5 Billion

Outstanding Debt with Treasury

Featured News

On Sept. 30, 2022, the NFIP made a semi-annual interest payment of $300 million to the U.S. Treasury. With this payment, the NFIP has now paid over $5.7 billion in interest since Hurricane Katrina hit the United States in 2005.
There is a Benefit-Cost Analysis (BCA) requirement to access funding through FEMA’s Hazard Mitigation Assistance (HMA) grant programs. The BCA is the method used to calculate the future risk reduction benefits of a hazard mitigation project and compares those benefits to its costs.

NFIP Available Funds - as of 9/30/2022

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)June 30, 2022Sept. 30, 2022
Flood Fund Balance 7,077,574 7,458,097
Unpaid Obligations(864,556)2,492,673
Unpaid Loss & Loss Adjustment (Claims)(244,722)(6,634,107)
Mandatory Sequestration (74,499) (74,499)
Flood Fund Available Resources5,893,7963,242,164
Reserve Fund Balance740,560840,764
Net Investments 2,415,671 2,421,560
Outstanding Obligations(410,271)(317,506)
Reserve Fund Available Resources2,745,9602,944,818
Remaining Borrowing Authority9,900,000 9,900,000
NFIP Total Capacity to Pay Claims *18,539,75616,086,983

* 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.

Statement of Operations - as of 9/30/2022

National Flood Insurance Fund ($ in Thousands)

REVENUEFY 2021 FY 2022 Q4FY 2022 YTD
Federal Policy Fee187,76057,192193,483
Other Revenue13,6937,30315,870
Total Flood Fund Revenue3,722,741927,5953,454,163
EXPENSESFY 2021FY 2022 Q4FY 2022 YTD
Total Loss & Loss Adjustment (Claims)1,369,003138,3171,602,835
Incurred But Not Reported Claims525,5456,433,1415,400,772
Write Your Own (WYO) Expense Allowance*938,959186,610837,669
Interest on Debt356,81378,976300,437
Floodplain Management & Mapping Activities223,42760,520177,793
Flood Related Grant Activities239,305130,267181,063
Other Expenses246,315(3,402,876)(3,227,427)
Total Flood Fund Expenses3,958,6973,641,4155,329,603
FLOOD FUND NET INCOME (LOSS)**(235,956)(2,713,820)(1,875,440)

National Flood Insurance Reserve Fund ($ in Thousands)

REVENUEFY 2021FY 2022 Q4FY 2022 YTD
Return on Investment77,3322,36013,283
Total Reserve Fund Revenue998,447264,612927,729
EXPENSESFY 2021FY 2022 Q4FY 2022 YTD
Total Loss & Loss Adjustment (Claims)000
Obligations and Other Expenses51,990-18,54464,145
Total Reserve Fund Expenses443,70672,790429,894
RESERVE FUND NET INCOME (LOSS)554,741191,822497,835

* The FY 2022 Commissions and Taxes of Agents (Commissions and WYO Expense Allowance) include $17,387 of FY 2021 expenses resulting from the typical two-month lag time between when financial data is received and when it is reported on the financial statements.

** 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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