No? Because insurance companies are too big to fail? And insurance companies never invest in other insurance companies, or funds, or in securitized life insura

No? Because insurance companies are too big to fail? And insurance companies never invest in other insurance companies, or funds, or in securitized life insurance? If insurance company fails these payments will not occur and the securities will become valueless. If these get nearly as pervasive and out of control as mortgage securities did then a big enough failure will cause they same sort of systemic meltdown.