Brilliant article, well written, and sound concepts.
The topic is particularly involving for me because I live in the Netherlands, and Dutch people are crazy for insurance - apparently it's a cultural thing they have, possibly a legacy from their trading years in the past centuries. Fact is, the Dutch have an insurance for absolutely everything: from the most logical (house, car) to some interesting exotics (family liability: e.g. your kids crashing a neighbour's window while playing) to plain ludicrous. My favourite in the latter category is the funeral insurance: pay the monthly premium and, in case of death (scratches vigorously) the insurance company will take care of funeral service, casket, burial, the whole thing. Apparently funerals in the Netherlands are particulary expensive (and I am not surprised with such a business model).