Why would there be no recompense? He would be held liable for their injuries and he would have the funds to compensate accordingly.
Actually, now that I think about it, he's wealthy enough to park $250000 in some bonds, available in case he is responsible for an accident. Would probably cost less than signing up for high premiums.
The outrage would be more justified if he was an ordinary joe who needed insurance because his net worth wasn't enough to compensate for hospital fees, replacement of the other car, etc