...not just that, they would raise insurance premiums to cover for all the losses they make from disaster claims, and they fall entirely on the balance of policyholders who kept their policies (many of whom never ever made a claim).
...insurance is a necessity but I see many over-insure, especially those who don't really need to depend on claims to survive should something bad happens.
...and insurance business badly needs to be capped on the amount they can increase their premiums (it is the highest double digit increase in CPI); despite the increasing risks from disasters and adverse events, there is no excuse for insurance not to invest more in re-insurance, if that is intended to sustain their flagging margins.
--------------
The insurance industry is one of the biggest scams on Earth. Their primary modus operandi is paying out as little claims as possible and charging you as much as possible for the privilege of likely being denied or at least challenged.
