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One problem with the reinsurance industry is that it works from flag-of-convenience countries like Bermuda. So no it is not competitive, and yes it can get away with scamming its clients.

So it is perfectly possible that they are gouging their customers on the increased risk of adverse weather events. However, the solution to gouging is to regulate the industry, not to idly bemoan the fact that they are gouging.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Nov 2nd, 2010 at 07:54:35 AM EST
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