4 September 2017Insurance

NFIP receives more than 67,000 claims for Harvey

The National Flood Insurance Program (NFIP) has received more than 67,000 claims related to Hurricane Harvey as of Sept. 3, 2017.

In a Hurricane Harvey Snapshot, the programme also said that more than $2.9 million in advance payments have been issued to insured survivors.

Hurricane Harvey developed into a Category 4 and made landfall near Rockport, Texas on Friday, Aug. 25. In addition to direct losses, the storm is causing heavy rainfall and storm surge-related losses along coastal Texas.

As of Sept. 2, nearly 37,000 people are in 270 Red Cross and partner shelters in Texas. More than 2000 people are in seven shelters in Louisiana. The Federal Emergency Management Agency (FEMA) has received more than 507,000 registrations for disaster assistance. More than 161,000 survivors have been approved for more than $114 million in FEMA disaster assistance.

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4 September 2017   The profitability of the reinsurance industry is set to fall in 2017 due to low prices and Hurricane Harvey, Moody’s said in a Sept. 4 report.