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Then you're extremely surprised. "Currently, the NFIP’s debt totals $24.6 billion, nearly six times the program’s total annual receipts of $4.3 billion" https

• zdragnar 7y ago
  After doing some more digging, it turns out that roughly 20% of NFIP policies are subsidized, and the up-to $30b debt was authorized by Congress in 2012 due to the shortfalls. 80% of the policies (the non-subsidized ones) are thought to be actuarially sound, barring unintended consequences of out-of-date flood maps. So, I'm not terribly surprised. Were it operating like a traditional insurer, it might even be doing fine (especially if it had some other reforms such as eliminating or having better oversight over WYO policies).