In contrast to life or automobile casualty insurance, each individual insured loss in banking is not independent of other losses. Banking is subject to deposit run contagion, creating a far larger extreme loss tail on the probability distributions from which real insurance premiums would have to be calculated.
Still, I think we can agree that, at a minimum, the opposite proposition – that inflationary policies promote employment growth in the long run – has been entirely discredited and, indeed, that policies based on this proposition have led to very bad outcomes whenever they have been applied.