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These days you can get (in fact you can hardly avoid having to get) insurance for nearly every eventuality. You can get property insurance, health insurance, car insurance, redundancy insurance, fidelity insurance etc, etc, continue ad infinitum. However, the one thing that you can’t get insurance for,
it seems, is having to get insurance. I would like to see a company develop a policy which insures you, at least partly, against the risk of having to take out other, more specific policies at a later date.
Clearly, safeguards would have to be put in place to stop people from taking out policies just to get a payout from their Insurance insurance and a careful judgement about pricing would need to be made in order for the policy to be a worthwhile investment, but these are things that the insurance industry is used to doing and the statistics for calculating the risk are all ready to hand, so bring on Insurance insurance!
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where will it stop? insurance insurance insurance? |
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there's certainly scope for more generalised insurance.. in fact, perhaps the government could just take it directly from our salaries and pay for things that our insurance misses out on, like health care. We could call it 'tax' and the benefits 'social welfare' or something. |
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I don't even want to think about how this would effect the re-reinsurance market. |
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What about insurance against other insurance companies not paying out on existing insurance should the need arise? |
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//call it 'tax' and the benefits 'social welfare' //
Except that it's an entirely voluntary insurance policy and taxation isn't.
I'm all in favour of the iterative approach to insurance. I see new and exciting business opportunities ahead! |
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