Thanks for sharing. Can you go into more detail as to what made you come to this conclusion?
Some guesses:
1) Insurance companies' gross margins are too high, due to asymmetric information, scare-mongering or similar?
2) People buy insurance to cover shocks that they are perfectly able to bear themselves?
3) People buy insurance to cover risks that have effectively zero chance?
4) People buy insurance that doesn't cover them in the way they expect (i.e. the insurance company would deny the types of claims they're expecting to make)?
Some guesses:
1) Insurance companies' gross margins are too high, due to asymmetric information, scare-mongering or similar?
2) People buy insurance to cover shocks that they are perfectly able to bear themselves?
3) People buy insurance to cover risks that have effectively zero chance?
4) People buy insurance that doesn't cover them in the way they expect (i.e. the insurance company would deny the types of claims they're expecting to make)?
?