You didn’t think institutional gambling could be exciting? Horseracing only moves the blood so fast, eventually you need to up the stakes.

The most successful insurers are those who don’t gamble.

Excluding tail risks is how you stay profitable. Try to get insurance for a Ferrari.

You can be pretty sure that if something gets insured there is a risk model behind the premium calculation.

The more data the better. But you can build models on small data samples already.