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      10-17-2019, 01:34 PM   #75
gippy
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Quote:
Originally Posted by MarkH13 View Post
But that's simply not true - most insurance companies are legally independent entities, who compete extremely hard with each other on price. To suggest that it is a monopoly - a market controlled by one company - couldn't be further from the truth.

It's also worth noting that insurance companies go through cycles of making losses for several years, at which point they then have to increase premiums to make compensatory profits.

Bottom line, it's a pretty tough, price-driven market sector, and the idea that these insurance companies are making sky-high profits by screwing us poor punters is just not true.

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