They may be able to find insurance elsewhere, but they are the ones who set up the mutual insurance companies. They did this long ago, especially in the case of farmers. Fishers created their companies later. They set up insurance companies to ensure that insurance would be available at a reasonable cost, and that is still the case today. In addition, they sit on the boards of directors of our companies. Most of our business is done with farmers and fishers; they deal with mutual insurance companies, as they are their companies.
On May 15th, 2017. See this statement in context.