As the risk of wildfires and hurricanes continues to intensify in states like California and Florida, home insurers are shifting costs of climate-fueled disasters to homeowners by raising premiums and demanding that regulators relax consumer protections.
Mutual insurance is closer to this setup. Policy holders are the main shareholders of the company. Issue is that most policy holders won’t be able to insure each other in Florida if most habitable areas of Florida will be underwater by 2050.