Without insurance most of commerce would grind to a halt. The pooling of risk is a very efficient and effective enabler of much of modern life. Not saying that SOME of today’s insurers and insurance models are not a bit broken, but ‘insurance in general’ is indispensable.
Of course, pooling of risk might be seen as being a bit socialistic in concept, so of course some US practitioners will seek to subvert it, and tarnish its name in the process. The original insurance models were entirely co-operative/mutual in nature - not corporations for profit.
/lecture
