> The people in charge(C-Suite) have zero incentive to ever refund any annual profit.

This makes no sense. Well run mutuals regularly refund part of insurance premiums each year.

For example, in 2020:

    > USAA, the country’s fifth largest property-casualty insurer, will be returning $520 million to its members.

Ref: https://newsroom.usaa360.com/news/usaa-to-return-usd-520-mil...

If what you say is true, why did they return any money at all? They could easily pay that to C-suite and senior execs in huge bonuses.

Also, to clarify, the correct term is "mutual insurance", which Wiki describes as:

    > A mutual insurance company is an insurance company owned entirely by its policyholders. It is a form of consumers' co-operative. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums.

Ref: https://en.wikipedia.org/wiki/Mutual_insurance