Mich. DOI Study Finds Competition Doesn't Equal Affordability

The Michigan Department of Insurance has released a report that says that competition does not mean that insurance is affordable. This is one of those statements requiring a “Ya Think?” response.  If competition was a guarantee of affordability then I could drive one of these, live in one of these, cover the risque-wife in these, send the little sigmas to one of these, and drink this.   Of course, the question is whether the state should guarantee affordability of these products.  To be insured is a responsibility, but to have below market cost insurance is not a right.  This is the same argument people are having about Florida homeowner's insurance.  Why do we want to subsidize people to live in relatively high risk areas?  One has the right to live where one wants, but the state does not have to subsidize this right.

via the Insurance Journal.