This business of insurance requires a certain level of clairvoyance, and no one owns a crystal-clear crystal ball. What we do own is historical data on the impact and aftermath of large-scale disasters – and like most of what's in the rearview mirror, that image is sharp yet fleeting. Some may forget the lessons of the last disaster too soon, while others cast past events into stone as the basis for managing future catastrophes. What's worse, however, is when a disaster prompts knee-jerk reactions that do more harm to the market than good.

Just like anyone else, insurers need certainty that the rules put in place to manage risk, pay claims and protect policyholders won't change unexpectedly and immediately after Mother Nature plays her game.

After a natural disaster, "Monday morning quarterbacks" both proliferate and pontificate. Some of this can be positive. In fact, staring down disaster and deciding not to be a victim twice often triggers community conversations that lead to infrastructure improvements to help prevent such a scenario from ever getting a replay. However, not all hindsight is helpful, particularly when the rules going into the "game of risk" are not the same rules in the immediate aftermath. Think about it this way: You've got a team that runs drills, budgets for expenses and asks players to follow a certain game plan in preparation for the big football game. But on game day, the team arrived on the field to discover it's not football they are playing, but lacrosse.