It is unreasonable as an idea a business model itself, so I doubt one could turn it around somehow for the insurance company to take advantage of it some how. Actually, there must be some articles within the contracts of insurance companies which specifically say whatever is under insurance is not coverred by loss by gambling. Imagine you hire an insurance plan for your house or your vehicle, that contract will likely protect your goods from being stolen or destroyed in a natural catastrophe, but if you decided to use your own house or vehicle as a gambling collateral, the insurance company would turn you away and say gambling is not part of the cover. If that was not part of the standard contract of those companies, people would have already committed insurance fraud to the extent of bankrupting those insurances for millions of dollars.
Expecting insurance coverage for gambling is similar to expecting coverage for drunk driving; it's not going to happen, and the reason why is pretty sensible. The reason behind this is very simple: it's an act that we put ourselves in, knowing it has a major risk of losing our money. Just like you mentioned, insurance covers natural disasters or accidents to protect your assets, such as housing or vehicles, that couldn't have been avoided otherwise, not our own carelessness that comes through gambling.
