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Risk-shifting is a legitimate service. If you buy insurance solely because of some legal (often perceived) legal requirement, then you are probably buying the w
by creer 3y ago
Risk-shifting is a legitimate service. If you buy insurance solely because of some legal (often perceived) legal requirement, then you are probably buying the wrong insurance for your situation. And missing out. After that, yes, the people making this their business can be expected to turn a profit? That doesn't seem unreasonable.
After that the word you should be looking for is competition: competition in keeping costs tight, competition in paying out easily, quickly and fairly.
- advael 3y agoCompetition clearly isn't exerting those pressures on the market, and there are good reasons to believe it can't, which I've already outlined: The failures of an insurance company are too infrequent, ruinous, and obfuscated for customers to make choices at enough of a scale to impose this discipline in practice