Political attacks on insurers post-Katrina won't prevent the next hurricane and could very well make its devastation worse, argue Prof. (and PoL contributor) Martin Grace and his Georgia State colleague Robert W. Klein: "any legitimate insurance arrangement, public or private, must manage its catastrophe exposure so that it can afford to pay its claims obligations if a disaster occurs. State and federal legislators do not appear to acknowledge this reality." The article's in the new issue of the Cato Institute's Regulation (PDF)(via).