If you look at the fortune 500, or even fortune 100, the amount of insurance companies in there is astonishing.

This confirms my suspicion that insurance is by and large operated in an abusive way.

I think web3 could help solve some of this, but it's really not sexy. I hope some founders tackle the problem.

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Regulatory protected value capture is probably more accurate a diagnosis.

A few operators are permitted to incrementally “abuse” the system, as long as they promise to try not to blow everything up.

Hence a whole army of startups try to disrupt the industry and fail every year due to this moat.

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Sure, but…

People naively assume that insurers make profit from writing insurance.

The reality is that it’s actually a huge, complex operation behind the scenes writing long term guarantees and balancing risk on reinvestment.

That’s the hard bit to actually go after. P2P models fail to cover this.

Yeah it’s definitely part of it. Transparent systems are much better to defend against regulatory capture I think? Not perfect, but better