Agreed when the insurance is free.
Disagree when you have to pay for an insurance.
A good insurance company should be capable to offer a rate high enough to disincentive bad behavior, and low enough to be financially viable as an hedge vs ruin caused by edge cases.
A good insurance company?
I’m sure they must exist somewhere…
If not, maybe the future of good “insurance companies” is something like crowdhealth where there’s a social part intertwined with the financial part of the contract.
Anyway, this doesn’t change the fact that all risks have a probability and that getting an insurance fairly priced for such probabilities is something achievable.
Insurance companies fails when human greed/incompetence takes over and risk isn’t hedged properly… but this is exactly what happens to every company in every field.
In other words, insurance covers unforeseeable risk, ie. getting cancer and subsequently the medical bills coupled with being forced out of work.
