Comment by akhatri_aus

To do this you can only make money if the insurance is priced at more than the chance of it happening. Or the reinsurer wouldn't be able to offer any insurance either, & the float wouldn't exist because it would be paid back in claims.

Insurance runs on the same premise of making money a casino does. If there was no casino edge, there would be no cash for the casino 'float' back into bets.