It could cost insurance companies $1.2bn for the bridge damages and millions more for the six deaths.

It could cost insurance companies $1.2bn for the bridge damages and millions more for the six deaths.

Archived version: https://archive.ph/cpwMp

  • Tar_Alcaran@sh.itjust.works
    253·
    3 months ago

    Well yes, unplanned expenses in excess of income are “loss”, regardless of if you’re contractually obligated to do so.

    I imagine the insurance agency didn’t plan to pay for an entire bridge this fiscal year, so they’re going to have one bigass loss.

    • Kairos@lemmy.today
      17·
      3 months ago

      Insurance has overhead insurance for these things.

      And if they don’t they should fail.

      • Yrt@feddit.de
        16·
        3 months ago

        Yeah and these reinsurances are also insurance companies, so the statement “insurances could lose up to 3bn” is still right.

        Even further: most losses are booked by reinsurance companies, cause prior insurances mostly don’t cover big sums on there own. It’s like “10 million for me and the rest for you.”

    • ikidd@lemmy.worldEnglish
      5·
      3 months ago

      No, but they planned for one bridge every 50 years. So this is that year.