What's stopping someone putting a lot of money on an insurance policy then calling in a fake bomb threat on the plane? Pretty low risk way to make money from anywhere in the world.
Ironically, your system is meant to help compensate people when delays to flights occur yet to me it looks like you've built something that strongly incentivises people to cause more disruption to flights.
I think we will find a way to deal with those issues. Experiments like these will help us (and society in general) to come to the right conclusions. Of course we should be careful not to cause too much harm on the way.
Also see https://www.reddit.com/r/ethereum/comments/529o5p/flightdela... and the discussion there.