I’ll note that a large chunk of the burned properties depend on the state-run FAIR plan, which provides much weaker coverage (eg: not replacement cost) than private insurers. The FAIR plan also has limited reserves, which it will replenish by issuing an assessment on commercial insurers and their policyholders.
To be clear, had the insurance companies not taken all of the money out of their reserves as profits there would be lots of money to pay out the payments that the insured bought insurance for. This isn’t about an unsustainable industry, just unsustainable profit taking.
Good.
The following is going to sound scynical but perhaps when these blood suckers can no longer hold a profit from so many catastrophes pilling, the idiots start to lobby for preventive actions!
