this post was submitted on 17 Aug 2025
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Insurance is risk adverse behavior. Lotteries are the opposite. Insurance is important no matter what type of society you have, because it's always important to have resources ready for disasters
True, but also maybe insurances shouldn't be companies. Their buisness model is based on fear.
Absolutely I agree. At a minimum they should be required to be non-profit, and really they should be government services for the necessary insurances like medical insurance.
It was invented basing on bets in Shipping Companies, about if the oversee shipping reach the haven or not. Insurances are in essence bets over determinated risks or issues and they never lose. You pay an quote through your whole life for something, eg your health and in case you have an accident, they pay the costs (or not or only a part, at least in the US), if not, you had payed for nothing, never they pay what their users had apported with their quotes in a lot of years. They always gain a lot of money with it, because of this there are a lot of insurance companies of any kind. it's a gold mine. In the Lottery it's also an risk which you pay, you can pay regulary for the Lotto and you can have luck and you gain some money, or bad luck and buying Lotto your whole life and never gain a cent. In essence the same as in a insurance, paying through your whole life and never need it. Not so different, the risk is always for you, not for the company, these always pay only a small fraction of their incomming,
Insurance as a monetary concept was invented for the shipping industry. But insurance is not just monetary. It's also the grain silos you fill in case of a famine. The water cisterns you fill for drought. It is absolutely not just pay money and get money out if you get hurt