its the cost of disasters Wang. and according to the current trend determined over 50 years, the incident rate of disasters is increasing along with the severity and cost of such disasters.
insurance companies are highly competitive. they are well regulated to prevent collusion and agreements on rates. yet they're companies which need to maintain a profit in order to be viable as a shared cost of assisting those caught in disastrous conditions.
risk assessment is an advanced means of ensuring viability and sharing the cost. they take more notice of risk factors than just the BOM. they rely on science overlaid by experience of costs.
if you don't like your premium you can certainly shop around for a better price, yet the fact remains that the cost of assisting people caught in such disasters is increasing.
