The main point of my discussion has been that leaving individuals alone to cope with these risks is inefficient from an economic point of view, given that at least some of them are of a systemic nature.
It is not a matter of redistributing a given amount of resources among individuals or across cohorts, but of adverse shocks that reduce the growth potential of the economy (for example in the case of population ageing) or destroy its stock of wealth (as in the case of a disorderly financial market crisis).