Value-Adding Work is work that adds value to the happiness and well-being of humans. It does not exist for the aggregation of wealth for wealth’s sake nor does it exist to promote more jobs for the sake of having more jobs. For this reason, we deem insurance a non-value adding industry that should be eliminated.
Of course, it cannot be eliminated today. But with some planning it can be quickly phased out and many parts will be phased out whether we plan for it or not. Let’s take a closer look.
In 2015 the Insurance Industry consisted of slightly over $2 Trillion dollars and employed an estimated 3 Million workers. This data combines major forms of insurance such as Life/Health and Property/Casualty combined with Healthcare which is treated separately by the insurance industry. We have aggregated the numbers from The Insurance Industry Institute and IBIS World to come up with these approximate numbers.