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This is quite interesting, I feel like at some point we need to cut those middleman that bail out as soon as paying is involved
by 911e 3y ago
This is quite interesting, I feel like at some point we need to cut those middleman that bail out as soon as paying is involved
- SoftTalker 3y agoThey aren't in business to give away money. Insurance is all about paying to mitigate risk. If the risk of loss increases or becomes too hard to predict, insurance will get more expensive or simply not be offered.
- alwaysbeconsing 3y agoThere's no inherent reason it must be a profit-making business. Organizeing as a cooperative, mutual insurance is also an option. Granted that any version still must set rates that cover expected payouts.
- itiro 3y agoYou’re describing government. People cooperate through government to insure stability. I will never understand the endless linguistic indirection when in the end it’s all Soylent Green; just people.
- pauldenton 3y ago[flagged]
- fluoridation 3y agoAre you saying that whenever people cooperate voluntarily, it's a government?
- JumpCrisscross 3y ago> no inherent reason it must be a profit-making business Insurance is an extremely demanding business. This isn’t something you can throw commodity drones at. If you’re willing to create a coöperative job that pays millions to its actuaries and risk managers, fine. Most don’t. Hence why a profit-based model works: it can incentivise the people that are needed for it to work in the long run to do the job. (In the short run, anyone can run a sloppy insurance operation.)
- bonestamp2 3y agoOne interesting experiment in this area is the Canadian Province of Saskatchewan, where the government has run a break even auto and property insurance organization since 1945. It does not receive money from the tax payers and is completely self sustaining: https://en.wikipedia.org/wiki/Saskatchewan_Government_Insurance https://en.wikipedia.org/wiki/Saskatchewan_Government_Insura...
- bonestamp2 3y agoAside from being non-profit, an additional benefit that makes this model more cost effective is that you don't have insurance companies suing each other because everyone has the same insurance company.
- tpmoney 3y agoMutual insurance companies exist, presumably they are also bailing in places where the cost is unsustainable.