The insurance as governance literature focuses on the ability of private enterprises to collectively regulate, pool, and distribute risks. This paper analyzes how governments support insurance markets to maintain insurability and limit risks to society. We propose a new conceptual framework grouping government interventions into three dimensions: regulation of risky activity, public investment in risk reduction, and co-insurance. We apply this framework to six case studies, describing insurance markets' reliance on public support in more analytically precise terms. We analyze how mature insurance markets overcame insurability challenges akin to those currently presented by extortive cybercrime. Private governance struggled when markets grew too big for informal coordination or when (tail) risks escalated. Government interventions vary widely. Some governments prioritize supporting economic activity while others concentrate on containing risks. Governments also choose between risk reduction and ex post socialization of losses. We apply these insights to the market for ransomware insurance, discussing the merits and potential hazards of current proposals for government intervention.

中文翻译：

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保险治理背后的政府：勒索软件的教训

保险作为治理文献关注的是私营企业集体监管、分担和分配风险的能力。本文分析了政府如何支持保险市场以维持可保性并限制社会风险。我们提出了一个新的概念框架，将政府干预分为三个维度：风险活动监管、降低风险的公共投资和共同保险。我们将该框架应用于六个案例研究，以更精确的分析方式描述了保险市场对公共支持的依赖。我们分析成熟的保险市场如何克服类似于当前勒索性网络犯罪所带来的保险挑战。当市场变得太大而无法进行非正式协调或（尾部）风险升级时，私人治理就会陷入困境。政府干预措施差异很大。一些政府优先考虑支持经济活动，而另一些政府则专注于控制风险。政府还可以在降低风险和事后损失社会化之间进行选择。我们将这些见解应用于勒索软件保险市场，讨论当前政府干预建议的优点和潜在危险。