Summary of The God Clause and the Reinsurance Industry
The risk business can tell us a lot about catastrophes. Why don't we listen?
Bloomberg Businessweek , 9/2011
What if the worst thing you can imagine is not the worst thing that can actually happen? Trouble for the reinsurance industry.
Few people work directly with reinsurance, so it may seem an oddity. However, since reinsurers work at estimating the likelihood of disasters, and their work underpins insurance, they affect everyone. What reinsurance has and hasn’t been able to predict has gotten more complicated in this age of global terrorism and climate change which has far-reaching ramifications. getAbstract suggests this article to all grappling with the implications of global change, and, specifically, to readers seeking to understand risk.
In this summary, you will learn
- What the reinsurance industry does
- Why disasters are hard to predict
- How reinsurers can help mitigate risks
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