Libertarian Jackass

"Life is short, but truth works far and lives long; let us speak truth." -- Schopenhauer

Friday, September 12, 2003

Private Insurance Companies Manage Risk Better Than Public Governments

During a lecture on the nature of political risk analysis my professor mentioned that--suprisingly!--private insurance premia on international oil shipments rise prior to any government agency indicating that their is a problem in the region. He commented that insurance companies have a lot riding on correct on correct analysis of risk (yeah, their profits and property!). Apparently, monitoring private insurance premia has become a great indicator for the government, although the details of this are "classified." Just another example of the market's superiority of handling risk and uncertainty as compared with publiuc government which merely socializes risk.

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