Jnr380
I think you’re wrong on both counts.
I recall chatting with Tu-154 crews in the ‘80s and early ‘90s on $400/month and no allowances and sleeping on their aircraft for a few days on end. Anecdotally, expat crews in Vietnam today are likewise not being overpaid.
As for insurance? They simply adjust the premiums to match the risk.
Manufacturers, management and infrastructure are all conspiring to devalue experience. They’re succeeding.