There's an old sci fi story, I probably read it in the 70s, in which archaeologists figure out that a lost civilization on another planet died out because of a financial crisis. Wish I could remember the title or author, but all I remember is the archaeologist saying, "They went bankrupt!"

Now I'm wondering if it makes any sense to double up on insurance.
Like finding a second company and getting a policy from them also.

Talk to a broker. Many companies consider dual policies a case of splitting the risk between them, not doubling the payouts even though both premiums are being paid.

A bit of searching suggests this might be Total Eclipse by John Brunner.
The concept sounds interesting, I might give it a read.

The Shoe Event Horizon?

Economic collapse as lateral damage.

You usually can’t claim on both policies at the same time. I think for car insurance there’s nothing against having multiple policies on the same car, but if you claim on all of them for the same incident, it’s classed as fraud

Good one, but the shoe event horizon is a satirical idea created by Douglas Adams. The story I'm thinking of was serious sci-fi.

BINGPOT!!!

I definitely used to have that book in my collection, and I just found a synopsis that mentions a giant telescope mirror the aliens built in a moon crater - I definitely remember that part from the story. Great catch!

When my insurer gives me tips on how to reduce my gasoline consumption, I tell them to stop investing in O&G producers.

I'm thinking, that if the companies are miss-evaluating the risk and underpricing, they may not be able to payout fully, or possibly at all in the event of a climate disaster. And since they're underpricing the risk already, then the cost of two policies may be more in line with the actual risk.

Car insurance is a bit different.

That seems odd, since insurance is fundamentally just a bet. There's no reason one can't make two bets on the same thing.

Ultimately it's all Lloyds of London. They insure pretty much every insurance company.

If they were investing in them, they would want you to use more?

Loyd's runs an insurance brokerage or market, they don't actually underwrite the policies themselves.

They also insure the insurance companies themselves. Insurance companies have to get payout insurance, for if they have to do a big payout.

Depending on what it's for, how much it's for, and if allowed by laws, perhaps consider self-insurance.

It's how medical insurance works in Canada if you have coverage from two working parents. Not sure about other forms wich is why I said check with a broker.

Thinking about this again, if someone has the money to pay two policies, they can probably self-insure depending on the specifics.

This article makes no mention of reinsurance, the insurance insurance companies buy from reinsurance companies. Basically they'll take out reinsurance policies from companies like Loyds of London to cover them in case there's a catastrophe, such as a hurricane destroying an entire city, so they can still pay out the claims.

Seems a little odd it isn't mentioned in this article.

Medical insurance isn't actually insurance in the traditional sense. It has more in common with a subscription service.

But I'm more specifically thinking of home flood and fire insurance, as that's the kind the article is about.