Americans will suffer from Biden and Democrats' latest uninformed decisions
Government leaders often fail to understand what information is needed, and they often ignore it for political reasons
By Richard W. Rahn - - Monday, March 29, 2021
ANALYSIS/OPINION:
Why would an insurance company pay a private meteorological company a fee to provide them with information — about the likelihood of a hurricane landfall and severity and timing in a specific location — when the Weather Bureau provides the information for free?
The short answer is some teams of private meteorologists have a track record of being more accurate. This increase in accuracy enables those who buy the information to take actions to save more money than the cost of the information.
The auto insurance business is highly competitive. If one company charges too much, they lose business to their competitors; and if they charge too little, the cost of claims can destroy the company. So, having precise information as to the probability of an individual customer getting into an accident as well as the likely cost of the claim from the accident is vital information for the company to properly price their policies.
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READ MORE: https://www.washingtontimes.com/news/2021/mar/29/americans-will-suffer-from-biden-and-democrats-lat/
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