Historically, insurance companies didn't make money on premiums. Most of the profits came from investing the premiums over time. This model is clearly breaking

Historically, insurance companies didn't make money on premiums. Most of the profits came from investing the premiums over time. This model is clearly breaking down with really low interest rates, hence why you see insurance companies actually caring about premiums and investing in new technology/data to reduce the cost of claims/increase premiums on high risk customers.