Yeah, no, it's pretty badly wrong.
Sometimes you will see a journalist say something that's just _technically_ wrong, in an "Um... actually" kind of way. Like saying there are 4 billion "Internet addresses". Yeah it's actually 2^32 and those are IPv4 addresses, and anyway some are in reserved classes we can never use and... We shouldn't care about these cases, it's fun to make a big deal as a _nerd_ but it's not a real problem.
But here they are misleading people as to the general purpose of a CA.
The CA doesn't in fact promise "traffic will not be intercepted" and how could they. The CA promises that their subscriber proved to them that they know a private key to which the corresponding public key is in the certificate, and that they control the things (usually FQDNs) named in the certificate.
Insurance, as another poster points out, is basically worthless. In fact it's worthless in multiple independent ways, it's deliberately engineered to _be_ worthless. For consumer insurance that would be illegal in many countries (taking people's money to "insure" against a risk that won't happen is prohibited in those countries), but they don't sell it to consumers, they sell it to the Certificate Authority and non-individuals are more free to make bad decisions since nobody important will get hurt.