And to your point, traditional insurance (home, auto, etc) pretty much targets a specific profit margin of about 3% or $0.03 for every dollar they take in. They tend to get eaten alive by competition when they get greedy, unlike a lot of other industries. But rates increase as costs increase ro maintain that 3% target…and costs have increased a LOT in recent years.

It’s a pretty misunderstood industry tbh, and not without its own issues for sure. But overall it has its purpose and is heavily regulated to ensure they’re playing responsibly.