An insurance company's one and only incentive is to charge as much as possible while paying out as little as possible, iow to profit as much as they can. Actually protecting the client or their property does not factor into the equation at all.
If we nationalized insurance, maybe the entire country can subsidize these extremely high risk areas. We can also add a legal mandate that insurance not operate for profit, and should change premium rates to scale up and down with the real amount paid out. Or something, I'm no money surgeon.
And before someone blusters about paying for other people's shit: yes, that's what a healthy society does. We should all care about the wellbeing of others. Feel free to propose an alternative solution that doesn't involve depopulating all of our low-lying lands and dumping those citizens somewhere with no housing, no job, and no money and just ignoring the suffering and death this will cause.
An insurance company's one and only incentive is to charge as much as possible while paying out as little as possible, iow to profit as much as they can. Actually protecting the client or their property does not factor into the equation at all.
If we nationalized insurance, maybe the entire country can subsidize these extremely high risk areas. We can also add a legal mandate that insurance not operate for profit, and should change premium rates to scale up and down with the real amount paid out. Or something, I'm no money surgeon.
And before someone blusters about paying for other people's shit: yes, that's what a healthy society does. We should all care about the wellbeing of others. Feel free to propose an alternative solution that doesn't involve depopulating all of our low-lying lands and dumping those citizens somewhere with no housing, no job, and no money and just ignoring the suffering and death this will cause.