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Why should a private insurance company be allowed to skim a profit off this? The government should be on the hook directly, with careers ended when the taxpayer
by erdos4d 6y ago
Why should a private insurance company be allowed to skim a profit off this? The government should be on the hook directly, with careers ended when the taxpayer has to compensate these people for their injury.
- eru 6y agoSame reason we have private insurance companies in general. See also https://en.wikipedia.org/wiki/Reinsurance https://en.wikipedia.org/wiki/Reinsurance
- michaelt 6y agoIf you want fire insurance for a factory, the insurers will inspect what you're doing, the safety precautions you have in place, your testing regimes and so on - and charge you more (or refuse to insure you at all) if they don't like what they see. And as there are multiple insurers you get a competitive market - meaning the insurers who are best at spotting real problems prosper, while the insurers who miss problems or worry about non-problems are less profitable. And if a company can't get insurance at all it's not because one guy was being a hardass - they've had a bunch of chances to convince different insurers, all of whom have refused, rather than blame for them going out of business falling on some government agency. This is appealing to people who love free markets and small government, as there are multiple competing insurers, and all the inspections, monitoring and even the payouts happen at no cost to the government.