You cannot look at it like that. You need to understand how insurance companies work, how to spread risk and how they make money. They do not make money directly from premiums, it is based on the risk spread of the collective losses, loss probabilities and investment risk.
On a single loss basis, sure, the insurance company may not lose, but you need to realize insurance companies insure thousands if not millions of similar assets, they have a predetermined loss ratio and base premiums on that expected loss. Fraud skews the loss ratios and causes the insurance companies to loss money in that sector and thus raise rates for everyone. It is how it works; insurance is a community of people pooling similar risks and the cost is based on the loss ratio and loss probabilities.
Yes, insurance companies make money, but it is not from avoiding claims and premiums like most people think.
If someone posted here if they should avoid paying taxes I would say the same thing, no they shouldn't and every person and every company should pay what is legally due. Not more, not less, but legally due.