I have previously posted on the California Insurance Commissioner’s attempts to change the system for covering natural disasters, called catastrophes in the insurance business.
On Thursday, insurance industry leaders met to discuss a federal insurance program. Proponents want this to be a backup to the insurance companies. But the insurance companies admit that the plan would be subsidized by people who do not face any risk of a hurricane or earthquake.
I still stand by the idea that this is bad for most Americans. People who need insurance should and will buy it, and those who do not need it, will not and should not buy it. Let’s let the private sector work and keep the government out of it.