Another government-run insurance scheme is last thing the nation needs ...Middle East

Reinsurance is insurance for insurance companies. If insurance is the financial first responder to disaster events, reinsurance is insurers’ shock absorber, a backstop, enabling insurers to have more stable, predictable returns by spreading the brunt of catastrophic losses to dozens of players in the global reinsurance market. The INSURE Act, introduced by Rep. Adam Schiff (D-Calif.) in January, aims to add additional capacity to the reinsurance market with the creation of a federal reinsurance entity, with startup capital of $50 billion from the U.S. Treasury’s balance sheet. The facility would first cover flood risk, and eventually also cover windstorm, hurricane, severe convective s

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Another government-run insurance scheme is last thing the nation needs ...Middle East

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