Insurance companies are audited to make 15% profit, but several audits have shown much higher than that. The industry claims 5%, but those are numbers based on industry self-audits, and just used to counter political pressure. 5% profit? Then explain the hundreds of millions of dollars in marketing campaigns and the tallest skysprapers in every city in Ontario.
Why do you think smaller insurance companies are being bought out by the big players?
Because the big players are controlling the market and eliminating competition. This is how big business is done in Canada. This is why Rogers and Bell have telecom monopolies, and why Canadians pay more for less.
I'm glad you brought that up, let's take a look at the flood that happened in the GTA last year.
One of my bigger companies paid out more in 1 month than the previous whole year. The average claim paid out was $60,00 for water, sewer backup.
Most people won't pay $60,000 worth of insurance in their life time with auto and home combined.
So a few hundred claims of $60,000, versus ~1 million homes who pay every year with no claims. People don't pay $60,000 in insurance with two cars and a house in a lifetime? i'm already at twice that and have never made a claim
Insurance is parasitic, and it is manipulative. Your arguments that insurance is a non-profit venture just highlights how we should eliminate private insurance. If the government insists on laws of insurance, then they must provide affordable insurance.
This is why Ontario is financial ruin, we have been taken over by the services industry of people in office cubicles who are only paper shufflers and add nothing to the real economy, because nothing is added, or produced.
Even when Bob Rae was voted in as Premiere on the promise of creating a public insurance plan, he underestimated just how corrupt and powerful the insurance industry is in Ontario, and he likely got bought out like all the others.
Sorry if I don't take any of your posts seriously, but your job is to lie to people and take money for nothing.