We analyze the impact of networks of altruism on the demand for formal insurance. To address this issue, we introduce stochastic incomes and a formal insurance into the model of altruism in networks of Bourlès, Bramoullé and Perez-Richet (2017). Incomes are subject to both an aggregate risk and idiosyncratic risks and agents can buy a formal insurance to cover the aggregate risk. The study mainly shows that altruism induces a substitution effect in agents' incentives to uptake the insurance. Second, the nature of the interplay between altruism and the demand for insurance is price-dependent: For low price levels, the altruism network reduces incentives to take out the insurance with respect to the case of a sel sh society, while altruism fosters incentives for high enough prices. Last, incentives are aligned with welfare.