Quote:
Originally Posted by gippy
compete extremely hard? really?
you realise most of them are subsidiaries of the same group company.
Because its mandated that we all have to buy insurance, they can basically do what they want.
Its the exact same reason drug prices in the USA are so high and what all the fuss is about healthcare over there now.
i googled around and found this from 10 years ago, i can only assume ownership is a lot more concentrated now, https://www.adrianflux.co.uk/blog/20...r-insurer.html |
Sorry, none of that is true... I'm not an apologist for the industry, but let's not just make up stuff.
Some companies operate as subsidiaries of other companies, but there are also dozens of independent operations, all competing hard to get business, often writing policies at a loss.
And it's just nonsense to say that companies 'can basically do what they want' - this is a very heavily regulated industry, and there are strict guidelines as to what insurers can and can't do.
If you mean they can charge any premium they like, it may be true that there's no regulations governing what insurers charge, but this is a highly commoditised market, with most policies bought on price alone. Companies that charge uncompetitive premiums will not survive.