Why hasn’t insurance in general been nationalized or controlled by the state?

I promise this isn’t a bad faith argument. More of a shower thought.

Small example During WWII the USA nationalized the insurance industry into the "War Damage Corporation". It made 210 million dollars in profit and paid out 8 million in premiums. (Ascent of Money, Niall Ferguson).

Insurance is fantastically profitable either look at Warren Buffet with Berkshire Hathaway core profit center has been been for the last two decades GEICO has generated tens of billions of profit. Buffets creative use of the "float" to creatively and legally avoid taxes via investments that are fully tax exempt in a way other equities are not.

Mostly of the biggest investors on plant Earth are insurance funds.

Insurance in general more efficient the larger the subscribers are. The bigger the fund the safer it is and the more stable and consistent the statistics are. Social Welfare for the unemployed or pensioners is a form of insurance. The premium you pay are your taxes.

It always struck me as incredibly unfair to make something a criminal offense (not insuring your car for example). Yet leaving it up to the "free market" to provide a solution. It’s not really a free choice if you can be jailed or fined for not purchasing it.

In the case of flood or earthquake the State pays for it anyways and the companies pay nothing (like State farm in Hurricane Katrina). In the case of war it’s the same.

The foundational mathematical principles have been understood since centuries.

Thomas Bayes, Blaise Pascal – probability

Danie Bernoulli – utility

Normal distribution – Abraham de Moivre

The average death rate of the population.

Combine all that theory and stats and you get actuarial science.

Life expectancy statistics the government has direct access to, as they do for car crashes or fires etc. Same for safety regulations in cars or fire protection or buildings. Seems like with devaluating the currency the government could be the casino and player and make bank.

Why hasn’t this been the case?