[michaeljx]

Private insurance can and generally withstands large calamities (known as natcat losses) without government intervention via the utilisation of global reinsurance organizations. Especially for earthquake, a properly reinsured insurance can cover a large earthquake loss about once every 15-20years

[sangnoir]

Re-insurers also re-calibrate their rates, which may mean private may be effective ... until the first big disaster whereafter the re/insurance premiums become eye-watering.