Canadian Underwriter

Editorial: Capital Ideas

February 26, 2015   by Guest Editor

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Bleep-zzzt-splork! [Begin Message] Greetings, bio-sacks of liquid and minerals! Ever since Jeff Pearce was killed in the ugly Pizza Drone Uprising of 2074, his brain has been on display at the Rob Ford Heritage Museum, and I have served as Acting Editor. Through the same technology that brought you Quantum-Twitter, I am simultaneously editing the anniversary issue of 2105. Which reminds me, some of you are behind in your subscriptions. Or will be. Simply hand over a lung, and we’ll call it even. Come on! You’ve each got two.

In reviewing the antique issues from your century, I perceive that the Pearce bio-sack tried to think forward. “Insurance is a business that by its very nature has to accommodate technological change,” he used to say. Of course, the Pearce bio-sack said many things, right up until he lay under a heap of debris and pepperoni while I called dibs on his office. But technology aside, until we come up with new ideas for economics, we’ll still be in some trouble.

So what will be more valuable in your future? The paper notes in your wallet or the few remaining patches of arable land with clean drinking water? Those patches could end up being the last real mediums of exchange. As another wise bio-sack within our office put it, “Useful objects will always have value. But the way someone is compensated when a useful thing is damaged may change.”

I have done much splorking on this, and I think you need to re-evaluate your old paradigms of capitalization, because you shouldn’t wish to simply compensate for or replace damaged things. That is keeping the status quo, which is partly how you bio-sacks got into this whole climate change mess in the first place. Insurance must take the lead on combining enlightened risk management—the forward thought, not the after-the-catastrophe thought—with advocacy for social and environmental reform. Yes, yes, all of that will take capital. Which brings us back to the urgent need for new economic theory.

All of this was beyond the Pearce bio-sack. He failed to anticipate the reforms of President Taylor Swift, neither did he predict the $50 trillion claim on the Air Canada Centre after the Buffalo Insectoids won the Stanley Cup. Silly, silly bio-sack… In order to face the future, you must be a little bit insane with the thoughts that no one has come up with before. That’s why ideas are still the most valuable currency of all. [End transmission.]


Copyright 2015 Rogers Publishing Ltd. This article first appeared in the February 2015 edition of Canadian Insurance Top Broker magazine

This story was originally published by Canadian Insurance Top Broker.