Is SBF and FTX Blowup Similar to an insurance carrier blowing up in Florida

Reading through the New York Times discussing how Insurance carriers and claims are at an all time high in the 2010's. The biggest threat isn't neccessarily that we have more storms. To the contrary this year as we had the slowest August Hurricane season of all time this past 2022 summer. There was one big storm in Hurricane Ian that did the majority of the billions of dollars in damage this year and thats when the journalist claims that it's that we've had more growth in coastal areas with additional homes, cars, and businesses all being built up around the coast.

So knowing that an insurance company may be aggressive in trying get as much business as possible and collect premiums each month. So what if a catastrophic storm hits and the claims are so big that it wipes out an insurance company. Could this happen? Well yes it absolutely could and has and thats when either a re-insurance company or the federal government has to step in and backstop to ensure there's not a total loss for the population...

Thinking about the FTX and SBF liquidity crisis that caused it's insolvency is similar to a bank run but also similar to an insurance company taking it on the chin after a big hurricane and not being able to pay out. The difference is insurance companies are highly regulated and deal with customers who reside in the USA mostly. So are there similarities to an insurance carrier reinvesting funds and having trouble paying out after a devastating hurricane and the FTX blowup loaning money to Alameda without their clients consent?