In the past I have written about self-forming groups and insurance. Sometimes these are referred to as peer-to-peer models of insurance. Generally I have not been impressed by these groups. Consumers find it so hard to understand insurance at the best of times, how could they possibly self-organise something as complex as an insurance company?
I still hold that view, but it is complemented by some new data, which suggests a more complex and richer environment.
Think of Bitcoin. This is a very complex system. In essence it was a new self-organising currency. The foundation of Bitcoin, the blockchain, has been referred to as "The Trust Machine" and hailed as a development that may prove to be as important as the creation of double-entry book-keeping to the future of commerce. Here are two excellent articles on the subject Link and Link.
That suggests something new could happen. My previous picture of a group of uninformed consumers building an insurance company was, and still is, a laughable proposition.
But the world isn't like that.
More likely: some informed people, probably from the risk and financial services sectors, could create a proposition backed up by a blockchain, which could then be subscribed to by individuals or companies.
In effect the technology could re-enable the efficient creation of syndicates or mutuals. It should be no surprise, given the pooling of risk required by insurance, and the fact that these structures have always had a significant role in the sector. The point is that the technology may reduce the cost and allow the spread across lumpy national borders.