A.M. BestTV at MORO: Growing Global Protectionism Undermines Reinsurance
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"Protectionism is design to protect the domestic market of a country by excluding or curtailing the ability of insurers from outside the country to operate in it," said Marcoux. "This promotes a major problem for the reinsurance industry, since it is one that operates on a global basis."
"As a private insurance market, we think this is a bad trend. Also, governments usually establish this type of recovery after the fact in a very political fashion, and it is very wasteful and inefficient. It does not help people prepare for the next disaster. ... They are building in the same place, and in the same ways. When the next disaster comes, they will often be wiped out in the same way as they were yesterday."
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