Actuaries to White House: Federal Insurance Backstop Needed

April 27, 2006

  • April 28, 2006 at 1:48 am
    Actuary says:
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    It would seem that the solution to all actuarial problems is to involved the Government. Hurricanes, earthquakes, and now terrorism are now issues that the profession has thrown its hands up in the air and said that we can\’t figure it out.

    It is the emphasis on exams and wrote thinking that drains the creativity out of the actuarial community.

    The insurance community has not come with a new idea in years unless you count financial reinsurance.

  • April 28, 2006 at 2:10 am
    bob says:
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    The government doesn\’t need to be in the insurance business. If the private sector can\’t handle the exposure, then make the necessary adjustments in the risk so it can be accomodated.

  • April 28, 2006 at 4:08 am
    David says:
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    \”Chemical, nuclear, biological or radiological terrorist attacks\” will not be insured events. These things are all excluded in most polices. Can we get a chair person that knows something about insurance to write the report?

  • May 2, 2006 at 2:59 am
    Russel says:
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    What ever happened to the concept of uninsurable perils? War is an uninsurable peril because it has the potential to create the kind of widespread devastation that we\’re discussing in these types of attacks. The industry cannot handle a loss of that kind.

    If NY was razed by a nation we were at war with, you\’d be talking about the same kind of loss, and nobody would be picking up the tab. The government would have to step in and respond.

    We have to stop this line of thought that all losses should be insured. By the very principles of insurance, some cannot. Does anyone remember uninsurable perils?



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