Now coming back to the insurance and why I think your argument is a fallacy:
First of all: there is always a cost to insuring yourself.
- If you are pro insurance, you will pay, which is fine.
- If you don't need insurance, it saves you something, but there is a risk associated with that. If the risk is acceptable to you (can I afford to pay for something new or can I reshoot the photo/afford to throw in the recycle bin?), it should be fine as well.
In a real insurance the cost would be money, and here the cost would be time and space (it does not really matter whether that cost is inconsequential to you, as it might be consequential to someone else).
According to you RAW is free insurance, with no downside, which to me seems like an argument that does not belong in an otherwise interesting discussion. Apart from that I agree with what you say.