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Fema halves traditional flood reinsurance cover for NFIP

The NFIP's new programme is structured to cover 8.6% of losses between $7bn to $9bn in losses from a single flooding event and 16.6% of losses between $9bn and $11bn in losses

Agency secures $502m in cover for 2023 from 18 private reinsurers, compared with $1.06bn of cover bought for the previous year

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