Re-Insurance

In my novel, economic and social collapse starts with the re-insurance industry. At some point it can't manage the actuarials, can't financialize the risk of climate chaos. So it is interesting to read this small article in the Times: "Since the beginning of the year, insurance companies have paid out $40 billion to U.S. customers, putting them on track for another record in yearly losses. At every level, the costs of guarding against risk are rising and everyone, from the leaders of large companies to the owners of homes and small businesses, is feeling the squeeze." With this latest hurricane costing billions in Florida, insurers are freaking out: "Florida’s woes reflect a nationwide problem, one that is expected to intensify as climate change unleashes more extreme weather events. The Insurance Information Institute, an industry trade group, estimates that property and casualty insurers in the state have had cumulative underwriting losses of more than $1 billion for the last three years." The beginning of the end. If it can't be insured, no one is going to want it.