I would argue that the concept is flawed. The base idea is that you calculate statistics on how much you would be likely to have to pay out, then set premiums such that you’ll always be ahead of payouts. Essentially, everyone pays so that the unfortunate few who need help can get money out of the common pool to help.
This is just taxes, basically. We already do this with fire departments and such. However, insurance adds a profit motive on top because it’s a company, so the amount they take in must always be significantly higher than the amount they pay out. And if it’s a publicly traded company then the amount they make above and beyond the amount they pay out must always be higher every quarter.
Like at a certain point, why not just do taxes and better disaster relief? As an added bonus, the government would have an extra incentive to care about things that may make the payouts increase, like poor infrastructure or climate change.