“What the insurance companies have done is to reverse the business so that the public at large insures the insurance companies.”

—  Gerry Spence

As quoted in Humanscape : Environments for People (1987), by Rachel Kaplan and Stephen Kaplan, p. 97

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "What the insurance companies have done is to reverse the business so that the public at large insures the insurance com…" by Gerry Spence?
Gerry Spence photo
Gerry Spence 46
American lawyer 1929

Related quotes

Edgar Degas photo

“I really have some luggage in my head. If only there were insurance companies for that as there are for so many things here, there's a bale I should insure at once.”

Edgar Degas (1834–1917) French artist

J'ai vraiment, un vrai bagage dans la tête. S'il y avait pour cela, comme il y a partout ici, des compagnies d'assurance, voilà un ballot je ferais assurer de suite.
Quote from a letter to James Tissot, (New Orleans, 1873), as cited in Marilyn Brown, Degas and the Business of Art: A Cotton Office in New Orleans (Penn State Press, 1994)
1855 - 1875

Richard von Mises photo

“Think of the federal government as a gigantic insurance company (with a sideline business in national defense and homeland security), which does its accounting on a cash basis, only counting premiums and payouts as they go in and out the door. An insurance company with cash accounting... is an accident waiting to happen.”

Peter R. Fisher (1956) American treasury official

While under secretary of the U.S. Treasury in 2002; frequently short-handed as "an insurance company with an army." A Fiscal Train Wreck, Paul, Krugman, Paul Krugman, March 11, 2003, The New York Times http://www.nytimes.com/2003/03/11/opinion/a-fiscal-train-wreck.html,
How government is like insurance, June 28, 2011, Thomas F., Schaller, Baltimore Sun http://articles.baltimoresun.com/2011-06-28/news/bs-ed-schaller-20110628_1_unemployment-insurance-premiums-government-insurance,
Who First Said the US is 'An Insurance Company with an Army'?, Economist's View, Mark, Thoma, January 17, 2013 http://economistsview.typepad.com/economistsview/2013/01/who-first-said-the-us-is-an-insurance-company-with-an-army.html,

Mike Gravel photo

“The only way you’re going to pay for it is not by saddling business. All you do by forcing business to pay for health care or passing a law telling people they have to go buy insurance, which is a subsidy for the insurance companies, all these plans are going backwards.”

Mike Gravel (1930–2021) American politician; United States Senator

Huffington post Mash-up: 2007 Democratic Online Debate
Source: https://www.huffpost.com/entry/mashup-transcript-mike-gr_n_64318

Andrew Tobias photo

“The first American insurance company was the Friendly Society for the Mutual Insurance of Houses Against Fire, founded in Charles Town in South Carolina, in 1735.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 5, Not Invented Here, p. 87.

Peter F. Drucker photo

“"Value added" is a meaningless concept for a retail business, for a bank, for a life insurance company, and for any other business which is not primarily engaged in manufacturing.”

Peter F. Drucker (1909–2005) American business consultant

Source: 1960s - 1980s, MANAGEMENT: Tasks, Responsibilities, Practices (1973), Part 3, p. 647

Amy Klobuchar photo

“So what's the cost of the culture of corruption? Of people giving breaks to the oil companies and giving giveaways and Christmas presents to the drug companies and the insurance companies? The cost is $90 billion a year. There you go. Quantifiable.”

Amy Klobuchar (1960) United States Senator from Minnesota

Quoted in [interview with Jonathan Singer, Conversation with MN-Sen Candidate Amy Klobuchar, MyDD, February 23 2006, http://www.mydd.com/story/2006/2/23/12158/1447, 2007-02-25]
2006

Andrew Tobias photo

“The life insurance industry is filled with good people who believe in their work and their companies, but who may never have challenged the assumptions underlying their efforts.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 4, Tell Us The Odds, p. 65.

Kenneth Arrow photo
Andrew Tobias photo

“The larger the deductible you choose, the less insurance you are buying. Insurers want to sell insurance.”

Andrew Tobias (1947) American journalist

Source: The Invisible Bankers, Everything The Insurance Industry Never Wanted You To Know (1982), Chapter 9, Too Much Insurance, p. 155.

Related topics