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      10-17-2019, 06:39 AM   #70
United Kingdom

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Join Date: Aug 2019
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Originally Posted by gippy View Post
Given that insurance companies are basically a cartel, and a bizarre model of it being a legal requirement with private monopoly power - and the end result is everyone else being screwed.
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.