Profit is the producer's wage. Only slaves work for nothing, and slavery is immoral. Proposition 103 was a legal fiction. Price controls always fail. Proposition 103 would have set California's automobile insurance rates far below the market level, and that would have dried up the supply of insurance.
Insurance manages only the financial aspect of risk.
By lowering urban California's natural insurance prices, Proposition 103 has led Californian urbanites to continue tolerating the other risks of driving in dense traffic. The natural rates would have driven efforts to create countermeasures, such as working with computers at home. When we have more such people, hucksters will not even try foolishness like Proposition 103. The free exchange of goods and services rewards best those who learn nature's laws best. It also teaches normative skills that militate for truth and against fraud.