Insurance Racket

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  • Take car insurance, average USA cost of $1000/year.
  • Over 50 year life, it's $50k.
  • Accident rate USA - $400B damage per year.
  • 200M drivers
  • $200B revenue for insurance.
  • Claims paid - $170B. [1]
  • So it does appear that costs don't cover all the damage done, and insurance cost appears to be fair.