Health insurance in the US, and other countries, is pretty far from traditional insurance markets where you pay a small amount of money to cover rare, catastrophic events (like your house burning down, or an earthquake).
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've noticed it's done wonders for your healthcare system