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Why not get a real insurance, where it is actually verified that your house was bombed?

I'm not saying it's not out there, but in many cases finding insurance for act of war is difficult. It is certainly rare and almost always far less accessible than using polymarket. If you have a very large holding you can probably get someone to write it for you though.

Because there are many things where insurance doesn't exist.

Ok let's work on that then. But meanwhile, close down unregulated websites like polymarket, where there is no verification of actual damage.

You can't just "work on that".

Insurance works on repeatable, predictable risks based on models.

You can't get insurance against a military attack. But you can hedge using a prediction market. It's essentially the version of insurance for one-off events, that relies on wagers since you can't use models.

There is a market for custom and rare risk insurance - it's called "surplus lines"

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