Now, I may sound condescending, but it is your own fault, especially since you play since beta, have followed the forums and knew that something like this could happen, has happen and will likely happen again, because people fly out, but don't think they need enough credits to cover their insurance and a bit extra for trading.
This unsafe playstyle will be punished and punished quite severly in this game and this is, I believe, know to almost all that play since beta, though in beta it didn't matter as much, as you knew wipes where incoming anyway.
But you know, there are other games, that can punish you for your risk, in the Diablo series, for example, if you chose to play a hardcore character that will mean permadeath after dieing once, no means of even building up insurance to cushion the blow, you make one mistake and possibly hundreds of hours on one character are gone.
If you don't like Elite to be this punishing, only buy what you can afford the insurance for and don't put all your eggs in one basket. You made the choice to gamble, because you believe everything is safe, it isn't in ED.