I agree completely, but there are two common/popular perspectives to insurance value add. One views it as a risk pool for catastrophic events like you describe.

I agree completely, but there are two common/popular perspectives to insurance value add. One views it as a risk pool for catastrophic events like you describe. Another views it as a service that prices risk for you to help you pay it in installments. OP seemed to be gunning for the second perspective of what insurance does based on language. However you want to interpret insurance, there's clearly a conflict of interest that the business based entirely around assessing and managing risk publishes information that risk is higher than people thought and they are therefor more relevant as a business than people thought.