what can be insured(2)

obviously, agreat fire like that of Chicago in 1871 or of the San Francisco earthquake would subject all the buildings in the same locality to the same risk. the company would be making a bet on one event , not on thousands of independent events. instead , it must diversify its risks . private companies cannot , without government aid , bear the risks of nuclear-war insurance . Nor is it possible to buy unemployment insurance from a private company . Depressions are great plagues which hit all sections and all classes at one and the same time , with a probability that cannot be computed in advance with any precision . therefore only the government , whose business it is to take losses, can assume the responsibility of providing unemployment compensation .
There will probably always remain numerous risks of personal and business life. No one can insure the success of new shop , anew mousetrap , or a hopeful opera singer. without error there cannot be trail ; and without trail there cannot be progress.