Insurance companies do not offer a service. There is no value other than to share holders. I had to explain to my daughter that it is literally illegal for a CEO to do the right thing if it will cost shareholders. They leach profits by being an unnecessary middleman and finding every loophole they can so they don’t have to actually do the thing they say they exist for.
I mean, there are huge problems with American health care companies and insurance in general will always tend towards being a scam unless it’s extremely heavily regulated, but at a fundamental level insurance does offer a service (that of socializing the cost of extreme losses), and while executives do have fiduciary duties, the idea that they always have to pursue short term profit no matter what from a legal standpoint, is overblown and exaggerated.
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Insurance companies do not offer a service. There is no value other than to share holders. I had to explain to my daughter that it is literally illegal for a CEO to do the right thing if it will cost shareholders. They leach profits by being an unnecessary middleman and finding every loophole they can so they don’t have to actually do the thing they say they exist for.
Source?
They’re probably referring to fiduciary duty, but with their own words.
I mean, there are huge problems with American health care companies and insurance in general will always tend towards being a scam unless it’s extremely heavily regulated, but at a fundamental level insurance does offer a service (that of socializing the cost of extreme losses), and while executives do have fiduciary duties, the idea that they always have to pursue short term profit no matter what from a legal standpoint, is overblown and exaggerated.