Insurance is necessarly on average more expensive than paying for whatever is insured. The insurance company pays accountants, lawyers, etc. Whether insurance is necessary to society is debatable, but these jobs would not exist without it, which means insurance makes a higher GDP.
I disagree because if I spent my insurance money on another product or service that company would also need lawyers, accountants and other roles to run.
Insurance is necessarly on average more expensive than paying for whatever is insured. The insurance company pays accountants, lawyers, etc. Whether insurance is necessary to society is debatable, but these jobs would not exist without it, which means insurance makes a higher GDP.
I disagree because if I spent my insurance money on another product or service that company would also need lawyers, accountants and other roles to run.