The way to fix it admittedly transcends insurance itself.
There are many issues that could be fixed by going after the supposed cause of insurance hikes. Obviously, that's not going to happen.
However, how about capping my rate at my quoted price if I incur no infractions? I've had to switch insurance yearly or bi yearly for over a decade because of the crazy hikes they try to sneak on people who don't care to notice.
The premium inflation rate hike issue is tied more to the money being fake and the real inflation rate being much higher than what gets reported (CPI) than to insurers greedily chasing more profits.
If we fix the money, that issue should be reduced.
If people running a company know real inflation is 12%, and profits are only 6%, someone in the company has to take a haircut in order to stay flat, so it seems likely that most decent employees will get 0-CPI% adjusted salaries, good employees will get a small bonus, and more core employees will get cut in on the profit.
The way to fix it admittedly transcends insurance itself.
There are many issues that could be fixed by going after the supposed cause of insurance hikes. Obviously, that's not going to happen.
However, how about capping my rate at my quoted price if I incur no infractions? I've had to switch insurance yearly or bi yearly for over a decade because of the crazy hikes they try to sneak on people who don't care to notice.
The premium inflation rate hike issue is tied more to the money being fake and the real inflation rate being much higher than what gets reported (CPI) than to insurers greedily chasing more profits.
If we fix the money, that issue should be reduced.
If people running a company know real inflation is 12%, and profits are only 6%, someone in the company has to take a haircut in order to stay flat, so it seems likely that most decent employees will get 0-CPI% adjusted salaries, good employees will get a small bonus, and more core employees will get cut in on the profit.
“Musical chairs” is no way to run an economy.
https://greatawakening.win/p/17t1kD6BUb/central-banking-eli5/c/