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public risk policy vs private insurance

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What should be the most important goals of public risk policy? The emphasis here is on PUBLIC. That is, what sorts of risks impose what sorts of impacts on what groups in society, and thus, what sorts of public/social "insurance" systems are needed and at what scale? We need to make arguments for (1) the sorts of risks that cannot or should not be privately insured; (2) the ethical and other bases for public efforts to both reduce those risks, reduce those impacts (level and/or distribution of them), and insure the irreducible levels of risk that remain; (3) the costs and benefits of public risk policy that shifts the burden and incidence of risk from private individuals to public insurance systems.

What should be the most important goals of public risk policy? The emphasis here is on PUBLIC. That is, what sorts of risks impose what sorts of impacts on what groups in society, and thus, what sorts of public/social "insurance" systems are needed and at what scale? We need to make arguments for (1) the sorts of risks that cannot or should not be privately insured; (2) the ethical and other bases for public efforts to both reduce those risks, reduce those impacts (level and/or distribution of them), and insure the irreducible levels of risk that remain; (3) the costs and benefits of public risk policy that shifts the burden and incidence of risk from private individuals to public insurance systems.

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The author uses the example of owning a house in an earthquake zone and how risks can be dealt with by private insurance VS public (government) risk policy.

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Regarding point 1, we can leave the market to help private insurance companies decide if they want to insure a risk or not and priced at what cost to the market. Then, it is up to the market to decide if any such risk is worth the cost of insuring for it. For example, I have a house in southern California. It would "only" cost me $5000 a year to insure my house ...

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