Insurance companies are businesses and there's no dumb company would definitely be offering these things to a gambler which they do know that it would be no sense on having one.
On the thing you had mentioned then i could say its a pretty clever thing but for sure it wont really be that appealing on someone to take that insurance basing on the amount
that had been mentioned. Insurance and gambling couldnt go nor intertwine with each other because it is really just having no sense at all.
But if someone could really deal up with that then we might see these things in the future but it is unlikely imho.