Even if all insurance companies are using fear to sell their product, they still have to compete with each other. The insurance industry is the boring financial

Even if all insurance companies are using fear to sell their product, they still have to compete with each other. The insurance industry is the boring financial industry, but is very vast with many nooks and crannies. The companies are making financial gambles estimating risk. And not every company has the same model or the same strategy. Some risks pay off, and sometimes they don't. And from what I understand, in the property and casualty business, the profit the companies make typically comes from investments of their capital and not their loss rates. If you don't see the value of insurance, then don't buy it unless the law requires. And if you don't like the law, then do something about it. But if you're family has money, or if you do, it would be smart to put a few bucks into your insurance policy and relax knowing that your capital is not at risk. And if you don't have a lot of money, its nice to know that there's cash available for you when something bad happens.