DepressingFollowing this discussion another crises is looming as if there isn't enough to go around.
insurance coverage for those who have it and many don't, assume that it will pick up the tab
for their hospital bills. The problem there is two fold. The demand for compensation will be so
great that many insurance companies will simply go under and others will only be able to partially
compensate due to the same factors.
Insurance companies make money by taking in premiums and investing those premiums in
a prudent enough manner to be able to fund any claims plus make a profit on their investments.
Try to raise premiums in this environment and secondly, their investment portfolios have taken
huge hits just like everbody else. These two factors are causing severe financial strains on the
insurance companies. Here in BC, try getting condo insurance. They have cancelled policies
and don't even want to be in that market anymore and if they do, the premiums are so ridiculously
high, that owners can't afford it. Condo owner associations have asked the gov't for help. Good
luck with that.
Its all part of the same cascading breakdown in our financial system and I haven't even touched
on the pension plan issue that is also being affected. I hate spouting doom and gloom but its
a big mistake IMO not to realize the repercussions of all this. Covid is a disaster of monumental
proportions and the worst of the fallout has been avoided so far but again my worry is for how
long can this be stalled off by gov'ts.