Quote:
Originally Posted by WarChild
Yes Paul somebody has been exposed as a person who knows little and once again it's you.
I didn't say it was THE reinsurance capital, I said and I quote here "One of the reinsurance capitals of the world"
|
Good to see you supporting business going out of the US then. The Bahamas are players in this market.
Quote:
Further proof you once again have no idea what you're talking about. $50Million is nothing. That would be an amount covered by the primary insurer, not reinsurance.
Reinsurance policies are typically taken out to pay claims in EXCESS of a certain amount of money. $50M might be a starting point for that, but more likely it's going to be in the 100s of millions of dollars.
I mean, what do I know? I only know about this stuff from traders and partners actually in the industry. I don't have the benefit of having been a furniture salesman. 
|
$50 million is an estimate of the level of the re-insurer not the total market or the size of some of the companies. As you can see by the amounts paid out the size of the companies at present would in no way cover the cost of the clean ups. Go back to both of the links I have given and see the costs of cleaning up after these disasters. The premiums would rise to cover the costs.
Essentially this is just the "I will give you money." debate. Without looking into the facts. What proof has Ron Paul got that taking disaster relief funding out of the hands of the US Government and giving it over to the private Insurance and reinsurance industries worldwide would save money?
Obviously all the public building and amenities will need to be insured as well. The insurance needs to cover the cost of immediate emergency relief, getting shelter, food, clothing, medical, communications, power to the effected areas. Can't sit around and wait for a risk assessor to go over his figures to allocate the money. In the event of an disaster damaging roads, railway lines, who will pay for the food to be airlifted and the repairs to be got under way ASAP?
Will taking out the Government paying and providing ultimate relief in cases of a disaster, prove cheaper than providing an extra income for all the "Traders, auditors, partners and the like." In the Bahamas, EU, Switzerland and the US?
He's just playing to the masses who think if you take it out of Government hands, it will save money. Until the Government has to step in and rescue the Private Companies.
Glen go away and work out how to make your free tubes a success. That needs your attention a lot more than this.