I wonder if Branson is going to declare the damage to his insurance company
When one acquires a certain amount of personal wealth, it becomes uneconomic to carry any insurance unless it is legally compulsory.
For some, it will be when one has acquired sufficient property or assets that can be sold to offset 99% of the liability with certainty. The other 1% (or more) would probably be disallowed for some reason by an insurance company anyway, and "pseudo" bankruptcy may become an alternative option. Only the middle classes buy insurance out of necessity.