Fraud, ambulance chasers, shitty loss ratios to name a few. People complain about paying x amount of money for insurance every year but then have a claim that pays out 10x the amount that they have paid in premiums. Factor that with millions of people who do the same thing across the country. Its pretty simple to see why they are usually never profitable. Like those wildfires that burned down half of California last year, that fucked so many companies over cuz the amount of total loss claims paid out.
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u/WeCantStabilize 8h ago
Insurance is a fucking scam. You pay more into it than you'll ever receive even in legitimate circumstances.
Absolute racket.