The name might be similar, but the products actually function very differently. Health insurance in many countries covers routine, predictable "losses" like primary care for strep throat as well as long-term "losses" like prescription medication.

A lot of this is because a traditional insurance model isn't palatable when it comes to healthcare. You can't really employ price or service discrimination against high-risk people with preexisting conditions, like you can with auto insuring a Ferrari, or home insuring a coastal house in a hurricane zone.

Not to mention life insurance! You can't just look assume things work the same way because they have similar names.

I think this is the primary driver. However, we can't ignore how insurance company behavior also influences the pricing. The feds play a bigger role in this than you might think with things like Medicare/Medicaid reimbursement rates and residency funding leading to provider scarcity.