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September 14, 2018 in Editors' Featured
Deloitte’s Mills on Hurricane Florence Impact, Insurance Industry Response
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Howard Mills, global insurance regulatory leader at Deloitte, recently spoke with Insurance Journal's Elizabeth Blosfield about the impact of Hurricane Florence and how the insurance industry is preparing to respond.
"The insurance industry is very well-capitalized, and legitimate claims will be paid," he said. "The insurance industry is very strong. It can absorb this storm."
Tropical Storm Florence was initially formed on August 31 before intensifying over the Atlantic Ocean to become a Category 4 hurricane on September 5 and then being downgraded September 14 to a Category 1 hurricane. It made landfall near Wrightsville Beach, N.C., September 14, carrying maximum sustained winds of 90 miles per hour, according to the National Hurricane Center.
In addition to Florence's potential impact, Mills also discussed whether the storm could serve as a tipping point for the renewal of the National Flood Insurance Program, which remains more than $20 billion in debt and has some experts pressuring U.S. Congress for reform.
"This could be a tipping point. It remains to be seen." he said. "The focus right now of course is on recovery and helping the people get through this terrible event."
