Billionaires tout ‘insurance’ for the apocalypse
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About half of the billionaires in Silicon Valley have “apocalypse insurance,” according to a piece in Monday’s New Yorker magazine on what the rich are doing to save themselves from a what some believe is impending doom.
The article recounts a conversation between LinkedIn cofounder Reid Hoffman and an unnamed friend. The discussion on preparations for disaster prompted the friend to inquire: “Oh, are you going to get apocalypse insurance?”
But this kind of insurance involves a real estate agent rather an insurance agent — it’s lingo for “a form of a hideaway in the U.S. or aboard,” according to the article.
Mr. Hoffman went on to tell the New Yorker that small, remote New Zealand is among the preferred locales, and that the decision to buy “a safety blanket for the things that scares me” is akin to buying vacation property for Silicon Valley billionaires.
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