taoshum said:Yet another example of the growing and unrelenting power we have "given" to the insurance lobby. AMG almost drained the whole economy, the health insurance lobby runs health care, vehicle insurance rakes in billions, muni bond insurance is killing the muni bond market; title insurance is an unregulated monopoly, the list goes on and on. Does having insurance promote claims/lawsuits prompting even more insurance? Amazing that we rollover and pay it year after year after year. Sorry.
Insurers are for profit entities that decide what risks they will and will not ensure. The "lobby" has nothing to do with actuaries. How is this an example of giving power to insurance companies?
This is no different than insurance companies charging more (or not insuring) a 18 year old with a Ferrari and a bad driving record. There is a high probability of an expensive payout, so why shouldn't they charge more? If I was an insurer and I saw the actuaries on dog bite payouts, I would probably do the same.
If we are pointing a finger, I would say the problem here is bad dog owners, not insurance companies. If everyone were a responsible owner and trained their animals appropriately, there wouldn't be 4.7Million dog bites per year for insurance companies to deal with.