>Also how could insurance ever be a "for profit" business?

What? They plan to take in more in premiums than they pay out in claims by managing risks and underwriting.

In that sense it's like a bookmaker who plans to set a line on a game that results in bets not having an imbalance that outweighs their vigorish. In cases where they do they lay off bets on other bookmakers. It's why they tend to be concentrated on certain areas and the same is true for insurance.

Both of those are legitimate for profit businesses that use statistical modeling and risk management to turn profits and provide value to customers.