‘If we lose our life savings’: Insurance company warns of ‘potential for catastrophic’
AUSTIN, Texas — AUSTIN’S insurance agency says if the U.S. loses its life savings, there could be catastrophic consequences.
“If we are going to go down, we have to go through this and I think that’s what we have been looking at,” said Dan Jones, the chief executive officer of Austin’s insurance company, American Insurance.
AmericanInsurance is one of two major insurance companies that cover the state of Texas, with another offering to offer coverage for Texas Gov.
Greg Abbott and other state officials in the event of a catastrophic event.
The other company offering to cover Abbott, American Mutual, says it would offer coverage if Abbott were killed.
Jones said the state’s insurer is preparing for the possibility that Abbott would be killed, and that it would be “very, very difficult” to find a plan to cover him.
“Our goal is to find the best option for the governor, the president, all of us, because we know they are all trying to get this out the door as quickly as possible,” Jones said.
If the Abbott family loses everything, it could mean the loss of their savings, according to the governor’s office.
Texas is the second-biggest economy in the country and has about 4.3 million people, with about 1.8 million insured through the insurance company.
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