This is an interesting story in terms of the details of how insurance valuates risk trying to function as a post-event risk mitigation mechanism. but there is a

This is an interesting story in terms of the details of how insurance valuates risk trying to function as a post-event risk mitigation mechanism. but there is a bypassing of a discussion of if it makes any sense for private entities to be the ones in our economy and society to be the ones mitigating this risk. For one, it makes little sense to pay private insurance to buffer for one class of remote risks, when what businesses (and society) needs is good general resilience measures for a whole set of potential correlated low risk / high impact events. As to why didn't any but insurance for pandemics, one should think about the root causes on why the US does such a bad job of mitigate all sorts of general disaggregated risks of catastrophic health outcomes with universal healthcare, as well as why the nations of the world to varying degrees, basically don't mitigate the general correlated risk of climate crisis. Imo the private financialized insurance mechanisms are an inadequate risk mitigation tool for many issues.