Interesting idea. But wouldn't the value of the coin just drop when a disaster occurred, so those who need the money wouldn't have nearly as much as they expected?
EDIT: Realized you never said coin. I just assumed blockchain + money = coin.
EDIT: Realized you never said coin. I just assumed blockchain + money = coin.
The pool of money is there until its depleted for the month with a cap of 10% per user, or it would rollover for the next month so more emergencies can be covered. A healthy society can build up a huge chest for when big emergencies hit.
If you want more coverage then you acquire a second tier risk insurance which has a bigger pool and different coverages so practically the market allocates resources more wisely.
If people use your system honestly, it's likely more expensive than an insurance scheme, because your maximum claim in a given time period is a low multiple of your premium. If people don't use your system honestly and claim what they want when they want (because who cares if the permanent record says they made three maximum claims in consecutive months when there's no central authority to object) it's less stable than a Ponzi scheme.