Insurance companies are very good at taking more money from you than they give back. The ones who don’t aren’t around anymore.
Oh, I agree with that. I don’t think anyone was thinking of insurance as an investment (except perhaps some interesting Youtube people and mutual whole life insurance policies), so this just seems like a weird way to think about it. Just like people who go to a casino - rational people aren’t looking at it as any sort of investment or deal, but paying for a certain type of entertainment.
I also wonder who’s looking at Insurance as a way to make them money? It’s to either smooth out costs without a required ramp up time (i.e. you might be able to dedicate $20 a year to self-insuring your camera gear, but better hope nothing happens for 10 years which BTW is getting close to the useful lifetime of the gear.) or to improve piece of mind. $150 a year to literally think of my risk with my camera gear going out / using it at $100 vs $11,000? That’s really cheap to me.