REIC's own a lot of office space. A lot of shares of REIC's are owned by retail investors, 401ks, state pensions, etc. Our economy is highly networked.
The fact remains we should not socialize losses.
Insurance and reinsurance exist.
"Insurance" in the financial market is hedging.
Do they? I've always found connotation to be an intimate and flexible concept, and serves as a limiting factor for true communication. Wittgenstein agrees, I think :)
I can pay a hedge fund to hedge my risk.
https://www.pbgc.gov/ as an example, but a bad one since it (to my understanding) socializing pension fund default.