Thursday, May 05, 2016
Where are the insurers 2
What happened to insurance companies? Been asking this in various contexts, especially ZIRP/NIRP and Romneycare. Insurers could easily see the disastrous consequences of both policies FOR THEIR OWN BOTTOM LINE, but did nothing to stop them.
Here are two more.
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1. After the Chicago Fire, insurance companies got together and forced cities to improve building codes and fire departments. Result: tremendous saving of lives and property in the next 100 years AND more profit for insurers.
Where are the insurers on modern fire problems? Bad government forest management has led to huge losses of property and lives. Emergency information is completely missing, building codes don't require metal or brick siding, and governments continue to commit arson.
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2. In the '50s, insurance companies got tired of paying for unnecessary deaths in car crashes. They organized research to improve car safety, and forced governments to require seat belts, padded dashes, etc. Result: tremendous saving of lives AND more profit for insurers.
Where are the insurers on deaths caused by medical errors? Recent news has repeated a fact known for 10 years: Medical errors kill far more than smoking or car crashes.
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The often quoted What's good for GM is good for America is used inversely. In context, Engine Charlie Wilson meant that GM succeeds when America succeeds. But What's good for insurers is good for America is exactly true as stated. When insurers remove a threat to their bottom line, lots of American lives are saved.
¶ 7:21 AM 
