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Moreover, regardless of how large the sum is, when they took the policy they should have known if they could pay it? I'd have thought there's regulations on tha
by xamolxix 2y ago
Moreover, regardless of how large the sum is, when they took the policy they should have known if they could pay it? I'd have thought there's regulations on that.
- thatguy0900 2y agoInsurers will also have insurance themselves to cover extremely large claims
- ninju 2y agoYep...reinsurance is a common practice in the industry Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. https://en.wikipedia.org/wiki/Reinsurance https://en.wikipedia.org/wiki/Reinsurance
- mb7733 2y agoWhat makes you think this is not the case? According to the article this disaster was within the parameters the the insurers planned for, even though it is the biggest of its kind.