From a Canadian insurance industry source, this article titled Insurers Must Cover More Catastrophes Worldwide or Risk Being Replaced by Governments.
Here in the U.S. we have had the National Flood Insurance Program for many decades, yet it remains plagued with problems as presently operated by FEMA/DHS. Major problems occurred after Hurricane Sandy, which was 2 plus years ago. So, is government the answer?
Thanks to Franklin McDonald for calling this source to my attention. He questioned whether there is conflation of micro and meta issues in this article. Your comments are invited.