Thanks to a colleague of mine for pointing me here. This is a really good summary of some of the things going on right now in insurance, and indeed why the opportunity for disruption exists.
It covers many of the issues at a high level and deals with some of the misconceptions.
Bottom line, in line with the thinking here - opportunity exists for category defining companies. We are already starting to see these. Or as Aaron states - "The insurance industry is too large and built on systems too old for any outcome other than massive change."
As I read Chubb’s financials, industry reports, Warren Buffet’s letters, and various blogs I came to realize that the insurance industry was both far more complex and rife with opportunity than I’d assumed. While I’ve always been attracted to fractured and regulated markets, nothing quite mimics insurance in its scope, nuance, and size. I wasn’t the only person thinking about this, as the number of recent insurance tech companies indicates.