nostr:npub1q7xqc79rteknhs5s4rsqju2yu8tuguvptu373napkzptsz65yn2qz590jl has an interesting approach. If I got it right they pool people to similar risk categories and then you kinda insure each other.
Lot of discussion on it in 196:th Bitcoin Standard podcast.
The model is not exactly clear though. Hard to understand from European perspective.
Free market perspective prediction markets/gambling might be the way to go?
Member crowdfunding of costs is an interesting approach. The system is not subject to insurance regulation even if it's a company.
Instead of claims being binarily rejected or accepted, everyone gets to vote with their wallet. There's less friction when everyone gets to go by their own decision. Also there's no treasury that can be lost or stolen.
In a bitcoin system, the crowdfunding could be done somewhat anonymously using coinjoins or lightning.
I guess there's tradeoffs as well. More participation is required of members. Getting reimbursed might be less certain, or maybe participants would feel less cohesion when there's no common treasury at stake.
Prediction markets are very interesting for some purposes, but you might not want to reveal your personal insurance claim to the public, or to a random selection of judges like the protocols usually require. Also it may prove challenging to get Nostr folks onto Ethereum smart contracts 😄
Leaving the pool is easier when you don't have money stuck in the treasury, which may have its pros and cons.
You dont need eth for prediction markets, could be done on DLCs.
Insurance companies essentially are prediction markets by itself, the problem is that the data is mostly private so the bootstrapping of actuary data would be problematic for very informed prediction markets.
There is a very interesting hiding in here how to construct public p2p prediction market/pool that achieves roughly similar behaviour to insurance company
we've been enjoying Crowdhealth for about 6 months. seems very fair and affordable. we are healthy but spent over $80K on health insurance over 3 years with no claims. now average $250/mo.
