That's how Avmed 'justifies' its approach. "Curious" is one word for it. Track down someone with actuarial qualifications and run the statistical logic past them.
And some private pilots fly many more hours a year, with many more passengers, than some holders of a commercial licence.
The only pilots I know who've died while at the controls, suddenly, of undiagnosed conditions were the holders of ... Class 1 medical certificates.