The sad part is that when you become wealthy, you realize that you can just ignore the whole insurance scam [*] and not buy it. Insurance has negative expected value. It only makes sense to insure against events that would materially change your lifestyle. At a certain degree of wealth, your house burning down no longer has that effect, nor does just about anything other than lawsuits or medical problems. Even health insurance typically has lifetime maximums in the single-digit millions.
So don't look to the wealthy to fix this one. They don't have this problem.
[*] except health insurance [**] and vehicular liability insurance where required by law in places that do not allow posting a cash bond instead (almost every state in the US does).
[**] unless you're wealthy enough to make large donations to hospitals, which is much better than having health insurance.