Monopoly Insurance Industry? Really? At naics.com/naics52.htm, 3,639 firms are classified as "Direct Health and Medical Insurance Carriers." I will agree that this industry has plenty of market imperfections but just when are there enough firms?
Insurance companies are in the business of spreading risk. The further any particular company can spread that risk, the cheaper they can offer the service.
You cannot have your cake and eat it too. Either the insurance market is too competitive or not competitive enough.
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Monopoly Insurance Industry? Really?
At naics.com/naics52.htm, 3,639 firms are classified as "Direct Health and Medical Insurance Carriers." I will agree that this industry has plenty of market imperfections but just when are there enough firms?
Arguably, we'd WANT fewer firms.
Insurance companies are in the business of spreading risk. The further any particular company can spread that risk, the cheaper they can offer the service.
You cannot have your cake and eat it too. Either the insurance market is too competitive or not competitive enough.
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