It was pretty eye opening when I had an insurance client for a few years. I learned a lot about how insurance works even though my work was all on the software side of thing and never touched the actuary side.

Its interesting as I started to read Rothbard and other anarcho-capitalists like Bob Murphy I learned that many of the regulatory functions could be provided by insurance in the absence of state monopoly. Its clear to me that regulation has value. Management of risk as well. The main issue with the status quo is that the state has a monopoly on these things and also has poor incentives.

I started to become fascinated by insurance and began asking questions of my client. Insurance is pretty fascinating on a technical level. Most people do not have a fond view of insurance and honestly I do not either but this disdain should be directed at the state. At least insurance companies are not monopolies and also do not have guns pointed at you if you don't do what they say.

That's another topic.