Insurers against
risk (eg death) generally fare better than banks in financial crisies, because their
risks are actuarially based, at least until they
move into banking like AIG which took on all kinds of «
risks» that were actually uncertainties (like political
risk as in Greece)-- «the use of «
risk» to cover uninsurable contingencies [like climate change] conveys a spurious precision» — like the spurious correlations that
VS has demonstrated.