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Private Insurance
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Alexis Askiras
24 7 Noobs
#1 - 2016-04-18 13:09:05 UTC
Insurance in New Eden is hardly what one would expect real insurance to be. The payouts are considerably less than the cost of replacing your ship, which is understandable since insurance creates new ISK that is put into the Eve economy. With the inflation issues that have taken over the Eve economy one possible solution to both the insurance and economy problems is to revamp the insurance system and completely privatize it.

The system would work something like this:

1. Insurance offices located at stations throughout New Eden would give players access to insurance policies that are offered by player Corporations.

2. The individual Corps would have the liberty to decide the specifics of the insurance policie: term length, payout (calculated as % of estimated ship cost), and pricing. An auto-renew feature should also be made available to allow easier access to shorter term policies should corps decide to offer them.

3. Insurance payouts would come from a dedicated fund that each Corp must first establish in order to offer insurance.

4. As long as the insurance fund contains more ISK than the total of all current insurance payouts that Corp is listed as a certified New Eden insurance Corporation (or some other fancy term) to allow potential insurance customers some level of confidence that the Corp they are purchasing insurance from won't be bankrupt when time for payout arrives.


Since the Eve economy is based on a complete free market system it seems like it would only make sense to incorporate private insurance as another means of accumulating wealth while reducing the ISK printing press that arrives from new ISK being produced by the current insurance system.

Any additional feedback or opinions on this idea is welcomed. I believe this addition would add a new interesting element to the Eve economy while also making it more resilient to inflation, and offer actual replacement value to pilots who lose their ships (if they're willing to pay the premiums for it).
Danika Princip
GoonWaffe
Goonswarm Federation
#2 - 2016-04-18 13:27:07 UTC
Given that insurance in EVE pays out more isk than it takes in, who would ever run something like this as anything but a scam?
Alexis Askiras
24 7 Noobs
#3 - 2016-04-18 13:29:33 UTC
Sure the current system does, but since the players would be setting the price that would change with a player controlled system. Prices would be considerably higher, but so would payout.
Rivr Luzade
Coreli Corporation
Pandemic Legion
#4 - 2016-04-18 13:30:24 UTC
Alexis Askiras wrote:
4. As long as the insurance fund contains more ISK than the total of all current insurance payouts that Corp is listed as a certified New Eden insurance Corporation (or some other fancy term) to allow potential insurance customers some level of confidence that the Corp they are purchasing insurance from won't be bankrupt when time for payout arrives.

And once enough people have issued an insurance and transferred their money to the corp, the corp can just grab all that money and dissolve?

UI Improvement Collective

My ridicule, heavy criticism and general pale outlook about your or CCP's ideas is nothing but an encouragement to prove me wrong. Give it a try.
Danika Princip
GoonWaffe
Goonswarm Federation
#5 - 2016-04-18 13:30:55 UTC
But why would you want to offer anything to randoms? How do you see yourself making any money on this?
Alexis Askiras
24 7 Noobs
#6 - 2016-04-18 13:41:13 UTC
Rivr Luzade wrote:
Alexis Askiras wrote:
4. As long as the insurance fund contains more ISK than the total of all current insurance payouts that Corp is listed as a certified New Eden insurance Corporation (or some other fancy term) to allow potential insurance customers some level of confidence that the Corp they are purchasing insurance from won't be bankrupt when time for payout arrives.

And once enough people have issued an insurance and transferred their money to the corp, the corp can just grab all that money and dissolve?


That's why you do your research on corps before buying insurance from them. Also a safeguard could be that corps can only withdraw money from the insurance account in small amounts, like 10% per 7 days.

Danika Princip wrote:
But why would you want to offer anything to randoms? How do you see yourself making any money on this?


You would make money by offering payouts based on cost. Offer a 3 day insurance policy on auto-renew that costs 5% of ship cost but only pays 20%. As a safety net for the corps maybe add in an option to deny future policies to individuals if it appears certain people are trying to play the system.
ShahFluffers
Ice Fire Warriors
#7 - 2016-04-18 14:17:02 UTC
FYi: the current insurance system is designed to encourage PvP and risk taking by "blunting" the loss of a ship (Tech 1 only).
That it is called an "insurance system" is a bit of a misnomer.

An actual insurance system would DISCOURAGE PvP and pretty much any risk taking at all. After all... why are you going to insure a Faction Warfare greenhorn over a PvE carebear that never leaves high-sec?

How did you Veterans start?
Lugh Crow-Slave
#8 - 2016-04-18 22:06:03 UTC  |  Edited by: Lugh Crow-Slave
Danika Princip wrote:
Given that insurance in EVE pays out more isk than it takes in, who would ever run something like this as anything but a scam?


remove the npc insurance then at this point the insurance would just become an open market


or make it so this is used mostly for T2

BLOPS Hauler
The 16.8km Bubble
Danika Princip
GoonWaffe
Goonswarm Federation
#9 - 2016-04-18 22:09:04 UTC
Lugh Crow-Slave wrote:
Danika Princip wrote:
Given that insurance in EVE pays out more isk than it takes in, who would ever run something like this as anything but a scam?


remove the npc insurance then at this point the insurance would just become an open market


or make it so this is used mostly for T2



Offered entirely by people who were scamming.
Lugh Crow-Slave
#10 - 2016-04-18 22:10:49 UTC
Rivr Luzade wrote:
Alexis Askiras wrote:
4. As long as the insurance fund contains more ISK than the total of all current insurance payouts that Corp is listed as a certified New Eden insurance Corporation (or some other fancy term) to allow potential insurance customers some level of confidence that the Corp they are purchasing insurance from won't be bankrupt when time for payout arrives.

And once enough people have issued an insurance and transferred their money to the corp, the corp can just grab all that money and dissolve?


just like a courior contract you have to put up the collateral and once the contract is accepted you cant get that back until its compleeted. so the corps would only get the isk once the duration of the contract was complete

BLOPS Hauler
The 16.8km Bubble
Lugh Crow-Slave
#11 - 2016-04-18 22:11:36 UTC
Danika Princip wrote:
Lugh Crow-Slave wrote:
Danika Princip wrote:
Given that insurance in EVE pays out more isk than it takes in, who would ever run something like this as anything but a scam?


remove the npc insurance then at this point the insurance would just become an open market


or make it so this is used mostly for T2



Offered entirely by people who were scamming.


lol there are ways to limit this

BLOPS Hauler
The 16.8km Bubble
Ragnar Rancidbreeks
SYNDIC Unlimited
#12 - 2016-04-19 07:22:33 UTC
BY all means set something up where the operator will consistently lose ISK. Whoever runs this is asking for bankruptcy.

And "private insurance" already exists -- it's called ransom. When someone threatens to blow your ship up, you pay them not to.

Yes, I know it doesn't work with NPCs. Rule#17: Don't fly what you don't want to lose. many L1 missions can be run with a rookie ship. Some L4s can be run in a shuttle.


Basically :: work hard, earn ISK, give ISK to the nice wo/man with the shiny gank-ship; go back., work some more. And stay in hi-sec.

BTW, if this scheme would pay ship value, what's to stop someone building the ships, insuring them, and blowing them up themselves ?

RR -- o7
Rivr Luzade
Coreli Corporation
Pandemic Legion
#13 - 2016-04-19 07:42:18 UTC
Lugh Crow-Slave wrote:
Rivr Luzade wrote:
Alexis Askiras wrote:
4. As long as the insurance fund contains more ISK than the total of all current insurance payouts that Corp is listed as a certified New Eden insurance Corporation (or some other fancy term) to allow potential insurance customers some level of confidence that the Corp they are purchasing insurance from won't be bankrupt when time for payout arrives.

And once enough people have issued an insurance and transferred their money to the corp, the corp can just grab all that money and dissolve?


just like a courior contract you have to put up the collateral and once the contract is accepted you cant get that back until its compleeted. so the corps would only get the isk once the duration of the contract was complete

That does not work because they need the ISK to pay out other insurances.

UI Improvement Collective

My ridicule, heavy criticism and general pale outlook about your or CCP's ideas is nothing but an encouragement to prove me wrong. Give it a try.
Donnachadh
United Allegiance of Undesirables
#14 - 2016-04-19 14:03:38 UTC
Danika Princip wrote:
But why would you want to offer anything to randoms? How do you see yourself making any money on this?

You can't be serious here?
How do real world insurance companies make money?
Simply by charging people more in premiums than they pay out for losses and the same system would work here.

The major problem I see with a player run insurance system in EvE is the potential for the player running it to simply transfer the ISK to another character and then biomass the one that used to run the insurance scam. Regulations and laws minimize the risk of this in the real world OP how would you propose to minimize the risks here in EvE?
Danika Princip
GoonWaffe
Goonswarm Federation
#15 - 2016-04-19 14:48:50 UTC
Donnachadh wrote:
Danika Princip wrote:
But why would you want to offer anything to randoms? How do you see yourself making any money on this?

You can't be serious here?
How do real world insurance companies make money?
Simply by charging people more in premiums than they pay out for losses and the same system would work here.

The major problem I see with a player run insurance system in EvE is the potential for the player running it to simply transfer the ISK to another character and then biomass the one that used to run the insurance scam. Regulations and laws minimize the risk of this in the real world OP how would you propose to minimize the risks here in EvE?


Do you not see the difference between a real world insurance company and a video game one that exclusively covers people who are going to explode repeatedly? If I have to pay more in premiums to cover my sabre than I receive in payout, then I am simply not going to buy insurance...