You're from the US? US is all about profits so that makes sense. Property insurance don't even have to compensate against flood and usual risks which is stupid

You're from the US? US is all about profits so that makes sense. Property insurance don't even have to compensate against flood and usual risks which is stupid IMO. In other locations, insurances are not all about profit and reinsurance. Either they're public operated by the government, or they're private and have caps on how much they can charge compared to how much they return and they don't get to choose what they can cover or not. I am pretty sure my last insurance was directly financing the government. I suppose it makes sense to store billions of euros long term (until a disaster) into dedicated government bonds, which benefits both the government and the company. That is to say, the money fits a larger purpose in the meantime, it's not all evil.