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When a natural disaster happens everyone files for a loss all at once. This is murder on a business that makes money reinvesting the dues they get into the stock market or other ventures the more money they pay out the less they can invest and the less covered they are if their investments are a loss. To an insurer, policy holders represent a a stable revenue stream, with calculable odds that keeps them in the black. Covering a natural disaster is the opposite of that and would be a poor business move from a profit and loss stand point.
Said another way, insurance companies are financial institutions. All they care about is making as much money as possible.