Comments
PainfullyEnglish t1_j21c9ps wrote
Who insures the Reinsurers?
_AutomaticJack_ t1_j21mwpr wrote
Lloyd's of London
8tCQBnVTzCqobQq t1_j22m7qe wrote
Lloyds
_AutomaticJack_ t1_j22rge8 wrote
Thanks, DYAC!!!
wanted_to_upvote t1_j21ot31 wrote
A giant turtle.
bigbabyjesus97 t1_j22h02m wrote
When did mitch McConnell start an insurance company?
dzhastin t1_j231o6w wrote
I think he looks more like an oyster crossed with a groundhog
52ndstreet t1_j21kuuo wrote
The article tells you: they’re called “retrocession”
TheBetterDudeBro t1_j229ai6 wrote
The rereinsurers
blackn1ght t1_j21qfy3 wrote
I'm sure I read once that the Apollo programme (or the Saturn rocket itself, I can't remember now) used several insurance companies, who themselves also had to be backed up by several insurance companies, who in turn also had several insurance companies.
Greedy-Knowledge6043 t1_j22g3cl wrote
I know plenty on the matter. What do you want to know?
Hunterrose242 t1_j23p6np wrote
I appreciate the offer but I was just chuckling at the fact that insurers have insurers.
Greedy-Knowledge6043 t1_j23undf wrote
It’s a funny concept to wrap your head around!
But for example, think of an area that’s quite for one to natural disasters. Florida, the pending earthquake in California, the Caribbean, Japan’s regular earthquake, tornado alley.
When those natural events occur and wipe out sometimes an entire nation, insurance companies often do not have cash on hand to payout every one of their policies. That’s where reinsurance steps in.
momalloyd t1_j22x0v2 wrote
Submarine insurance?
sanjsrik t1_j1ztlsz wrote
Aren't they already excused because of the "act of war" clause?
red286 t1_j2096rc wrote
No, international ship insurance covers unanticipated acts of war and/or piracy. The problem is that when you've got a full-blown war with attacks on shipping in a specific area, the amount of losses exceeds what insurers can tolerate, so they'll either cancel coverage in that specific region, or significantly increase fees for coverage in that region.
MandoAviator t1_j20ksit wrote
War surcharge will go up to a few hundreds.
Nothing will change
The lines servicing that area will make beaucoup bucks
Source: was in shipping servicing Syria when all hell broke loose. Went from great money to mad money.
comped t1_j21wvmh wrote
So, it's essentially like flood insurance if you live in a floodplain then?
ActivisionBlizzard t1_j232lnj wrote
This is how all insurance works. Health insurance for a smoker will be higher for example.
[deleted] t1_j20ts0k wrote
[removed]
westbamm t1_j1zw8pb wrote
It is not a war, it is a special operation. /s
But I thought the same.
MinuteManufacturer t1_j20grhn wrote
> American P&I said on Dec. 23 that it had received a "notice of cancellation" for the region from its war risk reinsurers and was cancelling its own insurance as a result.
>Ships typically have P&I insurance, which covers third-party liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.
renato4803 t1_j1ztfxd wrote
I wonder if this will affect Russian private insurers who cover Russian private business and leisure travel to foreign destinations.
oobraphone t1_j20x23g wrote
Those insurers buy reinsurance, so yes.
Pitiful_Amount8559 t1_j22csu7 wrote
People are burning their own properties in Russia to collect insurance because the economy is sucking. Will get worse. Would you insure anything there?
Greedy-Knowledge6043 t1_j22g6wb wrote
Yes. Adjust your risk models and charge the appropriate premiums.
visarga t1_j25505e wrote
On what currency? Its rate changes too fast.
EasternMotors t1_j24d1sh wrote
Great news. Russia moving from 2nd world to 3rd shortly.
Hunterrose242 t1_j20yhn9 wrote
> Reinsurers, who insure the insurers
We need to go deeper.