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The God Clause and the Reinsurance Industry

On the insurer’s insurer and calculating the risk of modern catastrophe:

Reinsurers are ultimately responsible for every new thing that God can come up with. As losses grew this decade, year by year, reinsurers have been working to figure out what they can do to make the God clause smaller, to reduce their exposure. They have billions of dollars at stake. They are very good at thinking about the world to come.

2011 Pulitzer Prize: Investigative Reporting: Weak Insurers Put Millions of Floridians at Risk

Despite no hurricanes in five years, Florida insurers are demanding yet more money from homeowners. At the same time, the capital that insurers have on hand to pay claims has shrunk. One reporter spent a year trying to figure out why.