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0 sats \ 3 replies \ @Solomonsatoshi 21h \ on: What % of Natural Disaster Repair Costs Do Insurers Pay? econ
To answer your questions.
1- Your payout will be determined by the precise wording of your policy.
Read it carefully.
2- Payouts for large events can take years to settle...especially when the reinsurers are having to pay out large sums. Climate change has already put the insurers and reinsurers under huge pressure.
3- Most insurers use reinsurers to cover large events like natural disasters...so it is the reinsurers who are called upon to pay most of a large claim event.
Governments may be forced to contribute toward settlement of large claims events...especially given the stressed situation many reinsurers are already in as a result of climate change.
Large events such as the California fires are very likely to result in higher future insurance premiums for many people including people not directly affected by this event.
Insurance is becoming increasingly unviable in many cases due to climate change.
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Yes - the many interdependent layers of the fiat debt monetary system...
In a major way insurance is crucial to the banks.
Without insurance banks will be reluctant to finance assets.
Insurers/reinsurers in turn depend on investment in assets to provide the reserve funds required to settle claims.
Climate change and resultant declining insurance viability challenges the entire fiat debt based monetary system.