Based upon lifetime experience I detest Insurance Companies. They done me wrong. They promise the moon and deliver (crickets). It appears to me that insurance is a fraud. The insurance companies rule the world. I don't know how many times I've heard it said "oh...that's a pretty good idea. We can't do it though because of insurance regulations"
That said. I have no idea what the solution is. I suspect that due to increased technology we'll just outgrow insurance like a teenager outgrows acne.
It's part of growing up perhaps.
You are correct. However, it did not start out that way. The idea of "mutualization" of risk is elemental. Nothing will improve if we go down the same path. Did you read the whole article?