Comments on: The Insurance Industry Crisis http://blogs.edf.org/climate411/2008/04/04/insurance_industry_crisis/ Blogging the science and policy of global warming Mon, 16 Nov 2009 07:13:20 -0800 http://wordpress.org/?v=2.8.5.2 hourly 1 By: davidzet http://blogs.edf.org/climate411/2008/04/04/insurance_industry_crisis/comment-page-1/#comment-1034 davidzet Mon, 07 Apr 2008 18:01:58 +0000 http://blogs.edf.org/climate411/2008/04/04/insurance_industry_crisis/#comment-1034 The insurance industry is "re-insuring" its risk with the Feds to maintain their profits. I am not against markets but bribing a corrupt government (Congress) to take on risk that tax-payers will end up paying for. Better solution: The government should NOT insure any property. People will buy insurance on the market or learn to stop living in floodplains. Politicians near Sacramento have <a href="http://aguanomics.com/2008/01/growth-versus-nature.html" rel="nofollow">approved building projects</a> in flood-prone areas to collect fees (and campaign contributions) from builders. The Feds are trying to declare the area a hazard (so no flood insurance), but the State will end up paying for the inevitable flood. The insurance industry is "re-insuring" its risk with the Feds to maintain their profits. I am not against markets but bribing a corrupt government (Congress) to take on risk that tax-payers will end up paying for.

Better solution: The government should NOT insure any property. People will buy insurance on the market or learn to stop living in floodplains.

Politicians near Sacramento have approved building projects in flood-prone areas to collect fees (and campaign contributions) from builders. The Feds are trying to declare the area a hazard (so no flood insurance), but the State will end up paying for the inevitable flood.

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