What are some examples of how insurance markets function poorly?

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Before Obamacare, health care insurance regulation had been a state function, and each state had written laws mandating that all health insurance policies written in the state must cover certain services.

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The drop in profitability appears to be a function not of the health insurance segment, which reported the same margin as last year, but of the smaller business that sells disability, property and other insurance.

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Insurance markets will not function for these risks as they violate three key conditions of insurability: independent and identical losses, feasible premiums, and determinability of losses.

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Our ability to tell the truth and spend the time with our patients is solely a function of being employed by our patients, not their insurance company, a big hospital or a large multispecialty clinic.

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Anything like that (such as mandatory automobile insurance) always before has been recognized as a function of the police power reserved to the states.

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Consider the recent droughts and hurricanes that have swept the United States: Insurance carriers have calculated that weather events are a function of climate change and they are now pricing those risks into policies.

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Perhaps even worse, they fall and hurt themselves and are unable to fully function for a period of time and they are caught without medical insurance.

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Or, auto insurance companies could reward policyholders for mounting their smartphones on their dashboards, where the phones could function as the equivalent of the black boxes carried in airplanes.

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