This is an interesting and telling example.
Is part of the issue local maxima/minima versus universal? Is Florida (or other states) doomed to continue making mistakes because they can’t be Illinois (for example?) ie: they’re stuck with what they’ve got an have to make the best of things without the next level up forcing them to make different decisions. Perhaps this is a place that the Federal Government needs to force states to do better.
That’s what happened in Florida. Hurricane Andrew reduced parts of cities to landfill and cost insurers nearly $16 billion in payouts. Many insurance companies, recognizing the likelihood that it would happen again, declined to renew policies and left the state. So the Florida Legislature created a state-run company to insure properties itself, preventing both an exodus and an economic collapse by essentially pretending that the climate vulnerabilities didn’t exist. 1