A side note: As the loon Ross Perot suggested by personally outperforming the US Army in Iran, insurers wouldn’t even have to maintain their own defense forces. A market of private defense forces of varying sizes and specialties would develop. And as is the case with private security agencies today (as in 99.1% of the occasions a law-abiding individual draws a gun to stop a crime), private defense forces would rarely need to fire a shot.
Without government licensing, trade restrictions, centrally-imposed regulations, and other barriers to entrepreneurs, there would be more companies able to offer services, not fewer; and any innovator who approached monopoly power would enjoy profits that attract intense competition. Thus, any firm that approaches monopoly power and profits in a free market produces the seeds of its own downsizing. No firm can approach monopoly power unless everybody wants that firm’s product at the price the firm offers. And no powerful corporation will ever be free from the continuous, nagging oversight of customers and consumer-interest agencies.