Among the weediest issues the Texas Legislature is attacking this session is insurance, an industry with ballooning premiums caused by general uncertainty on one end and certainty of payout on the other.
“Insurance is the practice of assigning a dollar amount to risk,” state Rep. Tom Oliverson (R-Cypress) told the House Insurance Committee in March. It is also the socialization of the payout, whereby the business model survives because the inputs from the many outweigh the payouts to the few.
