Lets start with this one.
My main point is that ICO investors take the risks of the insurance fund performance but don't get all the fund profits - they get the profits part only. And in numbers it looks not very attractive now.
Your assumption is not clear enough. Why do you think that the majority would vote against the dividends? What this assumption is based on? Obviously, it depends on voting, we cant know for sure what will happen.
The value of the coins reflects not only the reserves (bottom line intrinsic value) but also the fund performance (fund management) as well as the number of policies sold (insurance business).
I don't say that DAO will not vote for dividends for sure, I say it is possible. It's quite possible the DAO will vote not to distribute all the profits as dividends but the part of profits only. As you say, we can't know for sure what will happen. We should also take into account the operational expenses of InChain structures (offices, salaries, equipment, etc.).