Insurance is a growing industry. It already is big in Developed coutries and is capturing developing countries. As humanity grew, in good old days people used to work in smaller community and one would work with his/her specialization and would depend on others for their specialization. Overall it was a good social life balance.
Later society became organized that one would not need others help directly. This is how the splitting of families happened and smaller and smaller families wanter more security if something happens to the bread earner. Insurance concept came in then.
It was a nice concept initially and not all the people have to buy insurance. But later on insurance spread so much that people not only wanted life insurance policy but other types of insurance like car insurance, health insurance. Now if you see a medical practicioner they will charge you more if you do not go thru the insurance. People started being careless as they were being covered by insurance policies for their health etc. But then started the real game, once people are used to living with insurance the insurance companies started getting greedy and the price of insurance increased. Like a drunkard who has no choice but to drink, people have to buy insurance. This has happened in developed countries and is happening in developing countries.
MY bigger question is how many of us really like the insurance concept today?
This sounds good enough to me. Insurance is a killer as it keeps on going up for us. Has anyone checked how insurance rates have gone up v/s salaries.
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