The entire concept of insurance is an exponential scam. Why…

Thank you. The entire concept is based on fear of the future.

Insurance isn't about efficiency in the market being covered, but about reducing uncertainty for individuals by using the law of averages to manage risk across many individuals.

Uncertainty is an easily hidden, but very real cost.

Insurance is actually a very good thing, until government makes it certain that everyone will buy it. Then, it's no longer about risk management, but about socialization of that particular market.

I understand, logically, the market for risk mitigation - and have insurance myself. But many (maybe most) users of insurance don’t treat it that way, so the game theory around it is really screwed up.

I absolutely agree. It's a product of how it has been abused by governments. Requiring people to have insurance means "insurance will pay for it", which means it's all just socialized. Not good at all.

This is kind of how healthcare worked up until the 1970s then some creative physicians came up with a marketing strategy that offered customers care without exchanging cash; They would just bill your insurance directly...

Just imagine what would happen to the auto industry if we used our car insurance to buy gas... 🤔