Hey,
I have worked for 6 different insurance companies for the last 20 years. I set the premium rates and I know how little profit margin we put into those rates. We need to have profit because insurance companies are business entities. Please before you say things about greedy insurance companies- you need to base them on facts. Insurance premium rates are heavily regulated. We submit the premium rates for approval by the DOI. The profit margin is also filed with the DOI. There are some states that require us to refund premium if we go below the minimum loss ratio requirement. Medical costs are increasing - unnecessary utilization, medical malpractice costs, fraud, etc. We need to look into these things.
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