The National Flood Insurance Program has paid more than $609 million to Florida policyholders for Hurricane Irma claims.
More than 27,690 NFIP claims for damage caused by Hurricane Irma, which devastated parts of the state in September, were filed as of Dec. 26, the Federal Emergency Management Agency said Tuesday in a statement.
There are currently more than 1.7 million NFIP policies in force in Florida, according to the agency.
The Federal Emergency Management Agency’s tapping of a $1 billion reinsurance agreement to pay Hurricane Harvey claims is unlikely to discourage most reinsurers from participating in the next reinsurance arrangement, although some may decide the risk is greater than the reward, experts say.