I think P2P insurance would be easily abused, though. There would be very little way to enforce the actual payment of the covered costs, and someone could basically get scammed out of the money they had paid for the coverage.
We use 1 + N out of M multisigs to fight exactly this scenario. We call such multisigs "distributed wallets".
Each teammate sends his coins to his personal distributed wallet. He has a veto power (the "1" part of the "1 + N/M") but is allowed to withdraw funds only if all outstanding premiums can be paid out.