The concept of insurance is based on the presumption that t…

Insurance is another oft-mandatory, socialized losses scheme.

Not to say insurance is all-in-all a bad idea, but should possibly always be voluntary.

could you explain in more detail？

I have private insurance, there is many factors why this is beneficial or not for someone. When one has family, ideology shifts as risks are higher.

I come from a country where socialism is strong & you're not supposed to worry. 10%+ still buys private.

I am talking about health insurance specifically.

Insurances are MEGA important for our economy and I don't mean only for the insurances. Look at e. g. where storms went through (Bahamas) or a house burnt down. Personally I also think mandatory ones are highly questionable but that is a seperate topic.

You should have insurance for things that you can’t afford to pay for yourself... like serious illness that may cost hundreds of thousands or millions (depending on your wealth)

But insuring yourself for the smaller stuff is the way to go.