It is a commodity product but, again, the regulatory and capital hurdles to get started are significant. As you scale you need more and the exact reserve requir

It is a commodity product but, again, the regulatory and capital hurdles to get started are significant. As you scale you need more and the exact reserve requirements are often at the discretion of regulators. Opening a McDonalds franchise it is not. See for example the minimums here: https://www.insurance.ca.gov/0250-insurers/0300-insurers/0100-applications/certificate-of-authority/cert-of-authority-instructions/ca-specific-instruc.cfm https://www.insurance.ca.gov/0250-insurers/0300-insurers/010....