Modern society mitigates and transfers risks in a variety of ways, which range from catastrophe prevention and (re)insurance solutions through to injustices of a minor and inconspicuous nature. 

We illustrate that the measures taken depend on the uncertainty about the risks in question, and involve three trade-offs: 

• innovation vs. risk avoidance; 
• liability vs. collective risk sharing; 
• equity vs. practicable claims settlement. 

We study two highly instructive examples (nuclear liability and the measures taken in the wake of the 9/11 terrorist attack) and discuss the insurability of systemic risks like a pandemic.