You will never see an insurance company go bankrupt like an oil, finance, car maker, or other industrial business.
I guess you never heard of Mutual Benefit Life, eh?
Most big insurance companies have been around for a long time because their ability to remain solvent for decades -- if not centuries -- is part of their appeal. They are also heavily regulated because the financial collapse of an insurance company would be far more devastating to the U.S. economy than the collapse of a company in any other industry.
In any case, there's no reason to even include insurance companies in this discussion. "Health insurance" isn't really insurance at all . . . it's basically just a payment plan for medical services.
“You will never see an insurance company go bankrupt like an oil, finance, car maker, or other industrial business.”
They did in Florida after the hurricanes. They did it to protect their assets and keep from having to pay for all the policies they sold.