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And when the insurance companies fail due to heavy unforseen losses?
by martindbp 2y ago
And when the insurance companies fail due to heavy unforseen losses?
- londons_explore 2y agoThen the shareholder is still liable - just like if you insure your house against fire, and a fire happens, but your insurance company goes bankrupt, and the reinsurer goes bankrupt, then it falls back to you to pay for a new house. Obviously such a thing I don't think has ever happened in modern times, but it's what would happen if all the insurers in the chain couldn't meet their obligations - the debt falls back to the insured person.