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Updated: June 28, 2025
The one man in New York, aside from the eminent Mr. Belknap, who was the most powerful figure in reinsurance affairs and who best understood the situation on both sides of the Atlantic, was a solid, silent, almost venerable Teuton by the name of Scheidle. Mr.
Smith, with youthful self-confidence, decided that he himself would make a preliminary canvass of the reinsurance market; and so, when the first rush of new duties had abated, and his legal affairs were safely in the hands of counsel, and the interrupted agency machine of the Guardian was beginning to turn normally once more, he undertook this matter of a new reinsurance contract with all the energy at his command.
There are also the agencies, in each of which from one to a dozen smaller companies have intrusted their local underwriting to some agency firm. There too are the offices of the world's leading reinsurance companies, most of them German or Russian, who accept their business not from agents or property owners, but entirely from other insurance companies.
It often involves "captives" insurance or reinsurance firms owned by their insured clients and located in tax friendly climes such as Bermuda, the Cayman Islands, Barbados, Ireland, and in the USA: Vermont, Colorado, and Hawaii. Companies from manufacturers to insurance agents are willing to retain more risk than ever before.
"You're thinking of reinsurance," said Mr. Wilcox mildly. "It is exactly there that the Porphyrion is weak. It has tried to undercut, has been badly hit by a long series of small fires, and it hasn't been able to reinsure. I'm afraid that public companies don't save one another for love." "'Human nature, I suppose," quoted Helen, and he laughed and agreed that it was.
But it was not our world-politics, as such, that brought about our downfall; but the way we set to work in prosecuting our policy. The Triple Alliance, with its excellent Reinsurance Treaty, did not constitute a sufficiently powerful springboard from which to take our plunge into world-politics.
The Reinsurance contract could not be anything but a makeshift, which merely deferred the inevitable choice which had to be made between Russia and Austria-Hungary.
Provision should be made, by Federal reinsurance or otherwise, to foster extension of voluntary health insurance coverage to many more persons, especially older persons and those in rural areas. Plans should be evolved to improve protection against the costs of prolonged or severe illness.
Under it the Federal Government will neither dominate nor direct, but serve as a helpful partner. Within this framework, the program can be broad in scope. My recommendations will include a Federal health reinsurance service to encourage the development of more and better voluntary health insurance coverage by private organizations.
According to "The Economist", in the wake of the atrocity, insurance companies slashed their coverage to $50 million per airline per event. EU governments had to step in and provide unlimited insurance for a month. The total damage, now pegged at $60 billion constitutes one quarter of the capitalization of the entire global reinsurance market.
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