Floods show up uncertain world
THE recent floods have impressed on both the public and the insurers that it will soon be impossible to insure housing and property in low-lying areas.
This will not only cause a vast shake-up in property values and the insurance industry, but could lead to the realisation that in a world changing rapidly, radically and unforeseeably, it will be difficult to calculate the chances of anything.
If Government and private organisations, national units and currencies and international conglomerates and relationships mutate almost beyond recognition, how will calculations and payments be made, and what authorities would provide legal backing?
Who can work out the chances and effects of disturbance, disruption of transport and reduction of services on a temporary or permanent basis? Claims could exceed any company's capacity to pay them.
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Insurance only works in conditions of stability. We, however, are being dragged into an uncertain world.
Rock-hard policies could become worthless paper. Think of some of the events of the last decade.