The United States is the biggest insurance market in the world by far by premium volume, making up around 40% of the total global premiums written. The history of the insurance industry in the country is vast and rich, with Benjamin Frankling himself also forming a mutual insurance company known as the Philadelphia Contributorship in 1752 and is actually the oldest still operating insurance carrier in the country. There are three types of insurance sectors operating in the United States: property/casualty, life/annuity and private health insurance. Property/ casualty insurance deals with insurance pertaining to home, commercial and auto insurance. Meanwhile, life/annuity deals with life insurance in addition to annuity products. However, we'd first like to discuss health insurance in the United States.
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Private health insurance in the United States is extremely interesting; it is the only developed country in the world to not have social healthcare which is where private insurance comes in. In the US, healthcare is often tied to employment with employers providing health insurance to their employees rather than the government. Instead of a basic right, health coverage is a privilege or incentive in the country. While there have been attempts to nationalize healthcare in the country, they have not been successful at all. If you are not insured in the US, then only luck can help you out in most cases. Hospitals often overbill people significantly and even normal prices in the US for procedures, medicine, surgeries and hospital charges are much higher than in most other countries. Hospitals overcharge so that they can then negotiate with insurers who can make the hospitals reduce their bills. On the other hand, the average uninsured person neither has the time nor the wherewithal to challenge hospitals and are stuck paying incredibly expensive bills which can cripple their financial situation.