Watching the volatility within the financial markets over the Greek debt situation shows even the most casual observer, that we truly live in a global economy. However, not one person in a thousand realizes that one of the greatest threats to every part of the global, national and local economies everywhere in the world is the very real potential for insurance and re-insurance industries to collapse. At first glance, it may not seem obvious why this is such a global threat, but let's follow this logic train out.
If the re-insurance companies cannot provide the "financial backstop" for the insurance industry, new and existing insurance policies may be cancelled or greatly limited in coverage. A very small cross-section of industries that may need to cease operations are:
If the re-insurance companies cannot provide the "financial backstop" for the insurance industry, new and existing insurance policies may be cancelled or greatly limited in coverage. A very small cross-section of industries that may need to cease operations are:
- Trucking (Shipping of goods, food, fuel and medicines, etc.)
- Transportation (Trains, bus lines, cruise ships, ferries, planes, subways and passenger cars, etc.)
- Grocery Stores/Shopping Malls
- Fast Food Chains/Restaurants
- The Entire Medical Industry, (If there is no insurance then there is no malpractice insurance. Few if any doctors will take the risk)
- Schools, (From daycare to universities)
- Sports complexes
The "domino effect" that occurs when bank and credit accounts are breached by criminals, terrorist and rogue governments, places the entire global financial system is at risk. When a breach occurs to an individual account, the account holder is usually protected by their bank, company or service provider. These entities then place claims with their insurance carriers. The insurance carriers then make claims to the re-insurers. These re-insurers are the financial backstop to the entire global financial system. If these re-insurers collapse, then governments must bail them out. When that happens, it is ultimately the taxpayers who suffer. As recent budget cuts from governments at all levels have been seen across the world, it is abundantly clear that the governments cannot afford these losses. OctSys was designed to stop over 99% of these breaches; recouping hundreds of billions of dollars annually. What the criminals and most people do not realize is that these breaches have the ability to completely collapse the world's economies and currencies. These breaches must be stopped, permanently! OctSys will do just that!