P2P insurance

P2P insurance, or peer-to-peer insurance, is a system where individuals come together to pool their resources to cover potential losses, rather than relying solely on traditional insurance companies. Members contribute to a shared fund, and if a member experiences a loss, they can claim from this pool. The idea is to promote trust among members and reduce costs, as the pooled funds can lead to lower premiums and fewer overhead expenses. Any remaining funds after claims may be returned to the members or rolled over for future coverage, encouraging responsible behavior and community support.