Quote:
Originally Posted by Harry Lime
That's really pinpointing one small area in the province where the result for insurance companies weren't thunderous profits. They absolutely made up the difference elsewhere in the province.
Also, this year there wasn't a huge hailstorm, so insurance went right back to making money hand over fist in that area.
Also, insurance isn't simply home for these companies, so they continued to make profit in other avenues, like auto.
As taxpayers, insurance is a business to get into, even if it's to gouge everyone at the same rate as private business, at least the profit would go to the province.
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What percentage of profit is "gouging"? Bearing in mind that you want to have solvent insurers, and they can't run at a loss forever, so you do have a floor there.