Insurance Expert Says There Won't Be Insolvency Issue Due to Harvey, Irma

The losses from Hurricanes Harvey and Irma are staggering, but there is plenty of capital in the insurance industry and there is not going to be an insolvency issue, former AIG Chairman Hank Greenberg said on Sunday.

Talking to host John Catsimatidis on his radio show “The Cats Roundtable” on AM 970 in New York, Greenberg said that "These are the largest hurricanes in the history of the United States in many, many years,” and there are currently thousands of claims from all the people who suffered damage to their property.

Greenberg said the exact numbers are still not known, because “it depends on the language of [each policy] to determine if someone is covered or not.”

However, he stressed that the industry is well capitalized.

When asked what advice he would give to the public for the future, Greenberg said, "Don't live near a shore unless you can afford it. And by afford it I mean that you can either have the proper insurance or assume the loss.

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