Insurance is such a fiat scam. All the middle men it creates are rent-seeking by nature and the quality of the service not only becomes more expensive but worse. Direct payment, or value-for-value is ...
Insurance is a form of prediction market. Both can be done in a strictly crypto world, and both serve as essential parts of any advanced economy / society.
Insurance as prediction market means "I take a bet I'll get hurt (low probability), many others take the bet that I won't"
Insurance as prediction market means "I take a bet I'll get hurt (low probability), many others take the bet that I won't"