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If you mean specifically health insurance.... yeah this is spot on.
I think it's more complicated for other kinds of insurance though.
Health insurance shouldnt be health insurance.
It should just be health care.
Absolutely agree.
And to your point, traditional insurance (home, auto, etc) pretty much targets a specific profit margin of about 3% or $0.03 for every dollar they take in. They tend to get eaten alive by competition when they get greedy, unlike a lot of other industries. But rates increase as costs increase ro maintain that 3% target…and costs have increased a LOT in recent years.
It’s a pretty misunderstood industry tbh, and not without its own issues for sure. But overall it has its purpose and is heavily regulated to ensure they’re playing responsibly. They earn their money on investing the money they take in, and basically take the bet that they can earn more in the market than the risk they take on for every policy sold.
I basically agree. Those are actually insurance, and serve a purpose. Health "Insurance" isn't insurance at all really...
Yes, agree with that. Health Insurance is just to ensure you have to have a job it feels like.