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I'm pretty sure this is a similar problem to Securities rating agencies in Finance world Luckily that problem only led to the largest (so far!) recession / cri

I'm pretty sure this is a similar problem to Securities rating agencies in Finance world Luckily that problem only led to the largest (so far!) recession / crisis humans have seen. Ok snark over, but we have seen things like this before - take steam boiler production mid to late 19C. This took insurance companies simply refusing to insure anyone who did not manufacture boilers to their standards to clean up. Something similar is needed now. Do you know why you cannot claim your covid-19 cancelled holiday from your insurance - because pandemics are not covered by travel insurance - do you know why? Because Re-insurance companies look at the likelihood of pandemics and simply refuse. I think something different is needed - I think insurance is related to it. Basically we treat government as the insurer of last resort - but we have no real idea of the costs we are shouldering - or the risks we are ignoring. So what if we had to have obligatory true cost insurance? Buy a house? great is it insured against flooding? Now you built on a flood plain like half of England. Fine your premiums are now twice the cost of your mortgage. Are you selling crappy products through your business? Great please show business insurance that will make the people you rip off whole. Don't have that insurance? good luck getting anyone to buy off you. Ok ok it's still a idea very early alpha

dx034 7y ago
> Because Re-insurance companies look at the likelihood of pandemics and simply refuse. I believe it's not likelihood alone. It's a combination of very low likelihood, very high cost event that doesn't make it worth it for most. In the end it likely wasn't the re-insurers decision. They cover pretty much everything for the right price, also pandemics. But no end-customer would've paid the extra price for pandemic coverage so no insurers used it. Unless it's outright illegal I've yet to hear of an event that no insurance company would cover.
- Geeflow 7y ago
  A nice example of "ensurers will ensure everything" is the Ansari X Prize (space competition). They ensured against someone actually winning the competition: > The funding for the US $10,000,000 prize was unconventional in being "backed by an insurance policy to guarantee that the $10 million is in place on the day that the prize is won." https://en.m.wikipedia.org/wiki/Ansari_X_Prize#Funding https://en.m.wikipedia.org/wiki/Ansari_X_Prize#Funding
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eru 7y ago
That might be a useful idea. To work however, you need people who want to buy the insurance. Lots of people seem happy enough taking the risk of slightly crappy products? Established brands with a long running reputation is another way to achieve similar goals to your insurance proposal.
- gowld 7y ago
  Not anymore. Almost all the established brands have cashed out, to Private Equity or self brand-destruction.
  - eru 7y ago
    I don't know what you mean? I can name dozens of still trusted brands. Eg Germany is full of them. (Danish) Lego is as good as ever, too.
deleted 7y ago
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dx034 7y ago

> Because Re-insurance companies look at the likelihood of pandemics and simply refuse. I believe it's not likelihood alone. It's a combination of very low likelihood, very high cost event that doesn't make it worth it for most. In the end it likely wasn't the re-insurers decision. They cover pretty much everything for the right price, also pandemics. But no end-customer would've paid the extra price for pandemic coverage so no insurers used it. Unless it's outright illegal I've yet to hear of an event that no insurance company would cover.

Geeflow 7y ago
A nice example of "ensurers will ensure everything" is the Ansari X Prize (space competition). They ensured against someone actually winning the competition: > The funding for the US $10,000,000 prize was unconventional in being "backed by an insurance policy to guarantee that the $10 million is in place on the day that the prize is won." https://en.m.wikipedia.org/wiki/Ansari_X_Prize#Funding https://en.m.wikipedia.org/wiki/Ansari_X_Prize#Funding
- deleted 7y ago
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eru 7y ago

That might be a useful idea. To work however, you need people who want to buy the insurance. Lots of people seem happy enough taking the risk of slightly crappy products? Established brands with a long running reputation is another way to achieve similar goals to your insurance proposal.

gowld 7y ago
Not anymore. Almost all the established brands have cashed out, to Private Equity or self brand-destruction.
- eru 7y ago
  I don't know what you mean? I can name dozens of still trusted brands. Eg Germany is full of them. (Danish) Lego is as good as ever, too.

deleted 7y ago

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