California E&S Insurance

While every industry does go through cycles of profit and losses, insurance profit margins are pretty consistently 3-5%. That is nowhere near what most people would consider unreasonable, it's directly in line with almost every other large consumer service related companies. They have had a few good quarters of upwards of 6% recently in connection to the raised rates, but that's compensating for the massive losses many of them suffered from 2021-2023. The companies that *do* have ludicrous profit margins are mostly Pharma and Tech, and even then the vast majority of the profits go to just a few of them (like Apple). Insurance is not an obscenely profitable industry.

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