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The 21st century is seeing the impact of globalisation in many forms. International citizens of mixed parentage, universities promoting distance learning, affordable air flight and the digital and genetic revolutions.

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Thursday, October 19, 2006

What's the weather to be?


I read yet another incredible quote from an article discussing the incredible power of the natural occurrences of weather. Apparently 'if you're on the coast, you are toast'. Florida unsurprisingly has the worst effects of the hurricane, and close behind is Texas. And no one needs reminding of the damage done by Katrina to New Orleans. It is clear the citizens suffered, especially those with no insurance, which is probably a significant proportion of people. The insurers also as a corollary have to pay out big sums. In the 1980s the 'names' in Lloyds Names suffered greatly from many fluctuations in the market. Now many insurers having had a year away from the bad side this year, are feared to have become complacement.

The issue now facing such organisations is the extent to which they wish to expose themselves. For the fact is insurers make money from the relative rarity of catastrophes and accidents. Most customers pay the insurance premium, by direct debit unthinkingly, while the odd unfortunate fellow has to be backed up financially in the event of misfortune. However the scale of a certain happening may be so beyond that predicted by the complex mathematical models published on computers that the capital held by the organisation is insufficient.

Let me make clear that I am not asking you to feel sorry for the large insurers and underwriters. They make a fair sum, and are now trying to up the image by a major graduate recruitment drive. One who blogs should perhaps be careful in case of alleged defamation. I mean how many of them could afford to fight a lawsuit?

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