aConcerned that the Northeast is overdue for a major hurricane - the last one was in 1938 - many property and casualty insurers are scaling back. In Massachusetts, Hingham Mutual Insurance, citing higher storm damage projections and rising reinsurance rates, said recently it will not renew some 6,500 homeowner policies this year on Cape Cod, Martha's Vineyard, and two coastal Massachusetts counties.
Allstate, the nation's No. 2 personal-property insurer, said this year it would no longer offer new policies on Long Island, in New York City, and Westchester County as part of a broad effort to reduce the company's "risk profile" along the Gulf and East Coasts.
Insurance companies have a right to protect themselves by managing their risks. They have an obligation to their policyholders to manage their risks. If they have shareholders, they have an obligation to them to manage their risks.
Can you think of any other industry where a company would be REQUIRED to sell their product, even if they had statistical data showing they'd lose money by doing so? Are you prepared to pay twice or three times your current homeowners insurance premium so people who choose to live on Cape Cod can rebuild after a hurricane?
...I didn't think so. You need to learn a lot more about the insurance industry before you comment.