"Insurance-based Global Governance"
The idea is to establish a global insurance and reinsurance body against global catastrophic risks, at the level of countries.
The submission proposes a global insurance and reinsurance model. A new institution receives premiums paid by member countries, in order to insure them against the effects of global catastrophic risks. The institution provides expert advice to the member countries, and financial backing for investments in cooperative projects to achieve risk reduction. Concentrating on a financial task would keep the institution flexible and independent. Decisions would be based on the principles of “effective altruism”, with decision constantly monitored by AI, Big Data and statistical analysis to improve the institution’s priorities and performance. The submission suggests a pilot project being instituted by a smaller number of countries, in order for a first evaluation and improvement round.