A lot of deliberation is needed, but I’m open to having the federal government employ the full faith and credit of the United States to reinsure, at very high levels of aggregate loss, specifically identified catastrophe exposures that are privately insured.
There is an expectation, I would hope, that the public will support recovery in the wake of a mega-catastrophe, I would like to see those who established coverage, contributed to reserves, and (presumably) implemented loss control and mitigation measures be “first in line” to receive guaranteed, agreed-upon recovery payments. This alone would soften the macro-economic blow. People who choose not to insure would have to wait on the public sector’s willingness and capacity to respond.
I say “establish coverage” because, in an otherwise free and voluntary market, people and organizations should have the ability to create risk-bearing mutual companies, captives, and other qualifying entities if they cannot find the coverage they need in from professional insurers.
A lot of deliberation is needed, but I’m open to having the federal government employ the full faith and credit of the United States to reinsure, at very high levels of aggregate loss, specifically identified catastrophe exposures that are privately insured.
There is an expectation, I would hope, that the public will support recovery in the wake of a mega-catastrophe, I would like to see those who established coverage, contributed to reserves, and (presumably) implemented loss control and mitigation measures be “first in line” to receive guaranteed, agreed-upon recovery payments. This alone would soften the macro-economic blow. People who choose not to insure would have to wait on the public sector’s willingness and capacity to respond.
I say “establish coverage” because, in an otherwise free and voluntary market, people and organizations should have the ability to create risk-bearing mutual companies, captives, and other qualifying entities if they cannot find the coverage they need in from professional insurers.