>How are insurers making any money insuring these things nowadays?

Because insurance is fundamentally a "skim some" model.

They have a massive pool of money. Sure the pool is bleeding all the time because they're paying out, but it's also being replenished by premiums paid in. They invest this "constant" pool of money and the return on this covers overhead plus profit.

So when we're all getting screwed on our premiums because fenders cost tens of thousands and Karens file claims for parking scratches they're making more money, because the same ROI on a bigger pool of money is a bigger number.