Don't agree. Well partially. I also think the privatise the profits socialise the losses story is strong, and the coal and oil interests should pony up more remediation costs.

But insurance is one of the best signals we have to true risk/consequence/likelihood, which commercial interests pay attention to

The best long term outcome here would be rebuilding safer but the downside will be "which excludes the poor" -that's where I think state and federal policy should apply the lever: require socialised housing outcomes.

Price controls on insurance forces socialised losses. Better is some middle ground: mandate insurance, demand adequate mitigations and defences. But losing the price signal is bad.

The losses were already socialized without the controls. Look at how the insurance companies always behave in these situations. They always find a way to stick the public with the bill. Don't listen to the corporate talking points. The price controls may have been stupid but they are a distraction.