I once looked into the industry and you can too by putting yourself in the role of insurance provider... There are 3 big things that need to be paid out , these are claims, overheads and profits. If they are equal, it means that given average luck, you can expect 1/3 of your premiums back as payouts.
At the club I was in, this was about right.... we made about $20,000 of claims per year and paid about $50,000 premiums. We never had an argument from the insurance company.
Personally, I reckon its a better strategy to not be insured and to fly safely. I never had the nerve to suggest this at the club however, just because some fool might turn a young doctor into a quadriplegic.