Uninsurable Risk

Insurance companies take a mathy view of things. They like it when probabilities are calculable with extreme precision and when the worst-case scenario is easily quantifiable. The word "priceless" doesn't enter into their vocabulary.

As such, there are some risks so incalculable, so mathematically squishy, that insurance companies want nothing to do with them. These situations represent uninsurable risks.

They are potential situations where the likelihood of occurrence and downsides are not easily computed. The insurance company can't make a reasonable estimate as to cost, so they don't want to get involved. These risks include things like reputational risk, regulatory risk, and risks of a pandemic.