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California's largest wildfire doubles in size to 164,000 acres, shows explosive growth
(www.latimes.com)
this post was submitted on 26 Jul 2024
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They're a kind of insurance firm founded as a not for profit endeavor that supply mitigates the risk among a community. The insurance costs what it should to mitigate the risk - no more, no less. The policyholders are the stakeholders in the business.
Quite a few mutual insurance providers are struggling in places like California and Florida because they didn't correctly price in the potential impacts of climate change. The main issue that mutual providers have is that their risk pools are much smaller and generally very regional. If your whole region is on fire then everyone is screwed.
Additionally, they are dependent on the same reinsurance providers that other for profit insurance providers are which is already more expensive for them because of the smaller risk pool.
I can see that. I'm not going to discard the idea just because some actuary didn't do a great job though. Prices will have to increase as risk assessments rise to meet reality. Same way good fish gets more expensive the riskier things get out at sea. At some point, in theory, the markets correct to reflect these changes.
In theory, that is.