Insurers saw record gains in year of catastrophic loss.
Yet insurers want the government to prop them up and, oh yes, higher rates and less coverage too.
They said that even with the increase, insurers face deep problems that can be fixed only by substantial premium hikes, a scaling back of commitments by several firms to the most disaster-prone portions of the country and, according to some, a greatly expanded role for the state and federal governments in insuring individuals against the largest of catastrophes.
Socialism only works if it’s for everyone. Insurance companies demanding government aid (and they will be demanding it) is a bailout for the already wealthy. Under socialism, everyone benefits from what the government does, not just the wealthy.