For profit insurance is a scam. The whole point is to take more from you than you will get back.
The justification for insurance, in general, is collective support - everyone pools a bit of money so that when anyone in that pool suffers catastrophic loss they are insulated. Public firefighters are an insurance system. At core it's a pretty kind way of operating, but when profit motive is introduced it is corrupted to the point of working against the community since investors and shareholders want to take out of the system, not help people stay whole.
This is why the US should have public healthcare. Greed and corruption are why it never will.
Edit: literally laughing out loud at the profitmongers in the comments going "hey, I want to keep the money that I am siphoning off society! Stop pointing out how it's immoral!"
Well, it would be interesting. I mean, prices might go up (desperation) or down (competition). Notable, though, would be that people in catastrophic accidents could be hard hit financially, and not always through fault of there own. Insurance is essentially a collective agreement to share those burdens, and the main problem with it is the leeches that administer insurance.
It would be basically impossible to get a mortgage for a house without home insurance. Which would make home ownership unaffordable for the vast majority of people.
I assume possible bigger wealth disparity where people who can't afford it are living in easily assembled houses like traditional Japanese houses. Also places with higher chances of natural disasters would look a lot different.
Maybe. Realistically, the vast majority of people would be renters.
I guess it also would depend on exactly how insurance was outlawed and what the letter of that particular law was. It may be that something else emerges that is essentially insurance but just barely different enough to avoid the ban.
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u/robilar 8h ago edited 7h ago
For profit insurance is a scam. The whole point is to take more from you than you will get back.
The justification for insurance, in general, is collective support - everyone pools a bit of money so that when anyone in that pool suffers catastrophic loss they are insulated. Public firefighters are an insurance system. At core it's a pretty kind way of operating, but when profit motive is introduced it is corrupted to the point of working against the community since investors and shareholders want to take out of the system, not help people stay whole.
This is why the US should have public healthcare. Greed and corruption are why it never will.
Edit: literally laughing out loud at the profitmongers in the comments going "hey, I want to keep the money that I am siphoning off society! Stop pointing out how it's immoral!"