Source: Ludwig von Mises Institute
by Alejandro A Tagliavini
“[T]he US Army — specifically the Army Corps of Engineers — built and maintained the canals and walls protecting New Orleans. Unfortunately, they knew that they would fail to withstand storms of the magnitude of Hurricane Katrina in 2005, leaving the city devastated. Insurance and reinsurance companies could easily have erected adequate defense infrastructure if state regulations had allowed it. Swiss Re estimated global insurers’ contributions for natural disasters in 2024 at over $135 billion, but total economic losses from disasters were higher, exceeding $318 billion, leaving a significant protection gap because states interfere by discouraging — if not outright prohibiting — coverage in many cases.” (02/03/26)
https://mises.org/power-market/bureaucracy-increases-accidents-and-risks