While it's a good thought, expecting insurance companies to enforce safety is folly. Look at the Somali pirates, who get paid handsomely, with little recourse. The ins co just raise their rates to cover their losses.
I recently heard 100 commercial ships disappear every year, many due to being run aground by pirates or mutineers and stripped. Only when ins rates get so high as to cripple the industry will safety matter to them.
GB