It really do be like that tho

Comments

• Pippipartner@discuss.tchncs.de ⁨10⁩ ⁨months⁩ ago

  I was quite surprised when I first learned it, there are insurance companies which specialize in selling insurance to insurance companies in case the insurances they sold have to be paid. See Reinsurance on Wikipedia for example.

  Obviously Reinsurance companies might reinsure their claims to other Reinsurance companies until nobody knows who is actually paying.

  Similar to packing rotting investments with other investments and selling them to retirement founds, because hey look, there are good investments in it.

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  • kameecoding@lemmy.world ⁨10⁩ ⁨months⁩ ago

    Reinsurers don’t really take out their own insurance further, at least I haven’t heard of that happening, but I do work for one of those Reinsurers

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    • Corkyskog@sh.itjust.works ⁨10⁩ ⁨months⁩ ago

      My finance teacher said that reinsurance often used financial derivatives to offset risk… is that true? Just made me have a wild flashback to like a couple decades ago.

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    • Pippipartner@discuss.tchncs.de ⁨10⁩ ⁨months⁩ ago

      Maybe I remember it wrong, been a while since I had contact with the insurance industry.

      Also might depend on national insurance regulations.

      I assume you’re right since you are in the sector, but I don’t know where I picked up the notion, that reinsurers would reinsure themselves.

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  • LodeMike@lemmy.today ⁨10⁩ ⁨months⁩ ago

    Cali also requires a significant cash reserve for disasters like this.

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  • smokebuddy@lemmy.today ⁨10⁩ ⁨months⁩ ago

    Pretty much the plot of The Laundromat (2019), the Netflix Panama Papers movie. It’s pretty good.

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• son_named_bort@lemmy.world ⁨10⁩ ⁨months⁩ ago

  Image

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• Etterra@discuss.online ⁨10⁩ ⁨months⁩ ago

  Insurance CEO: We don’t see a necessity for a replacement house.

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• quoll@lemmy.sdf.org ⁨10⁩ ⁨months⁩ ago

  yo premiums be going up yo 💹

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• sudo42@lemmy.world ⁨10⁩ ⁨months⁩ ago

  Like the old W.C. Fields line, “Sorry, I can’t give you money. All my money is tied up in currency.”

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• random_character_a@lemmy.world ⁨10⁩ ⁨months⁩ ago

  I think they have force majeure clauses in almost everything.

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  • toofpic@lemmy.world ⁨10⁩ ⁨months⁩ ago

    Insurance: exists for the case something bad happens.
    Insurance companies: “Something bad happened, we can’t do anything!”

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