The International Convention for the Safety of Life at Sea (SOLAS), established in 1974, is continually updated based on lessons from past accidents, mandating strict requirements for all ships over a certain size. Parts of SOLAS even apply universally to all ships on any voyage, regardless of size. https://www.imo.org/en/About/Conventions/Pages/International...
The maritime system is complex. But it wasn’t just made up by a few people. It’s evolved continuously, internationally, for generations.
So you average insurance company is not interested in providing insurance.
If you want to read more about the history of martime insurance, you could start with the history of Lloyds of London.