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Yeah, it's just like being able to take an insurance policy on other people's lives. It's a wonderful idea for all of 15 minutes until people start getting murdered.
> bare minimum of regulation
No amount of regulation will solve the issue when what you can take insurance on is not regulated.
Prediction markets are to insurance the same as crypto is to banking: a speedrun of all the frauds that happened in the past until the perpetrators are sent to jail or regulated so heavily that they are virtually identical to what they were supposed to disrupt.
I don't think it's quite that tendentious. You can say "well, but that's not the majority of the marketplace" and you're right. But it's not an inconsequential one, either.