Pet Insurance Renewal

[JustHearMeOut]

Got a 11 year old dog (Briard). She's been insured with the same firm since she was a pup. She's had lots of health issues and large vet bills. Currently her insurance is £194 per month but shes on regular meds which cost £450/month.
Had renewal quote yesterday and it's coming in at £240/month.

I'm pleased with this but confused why the insurance is essentially losing money each month, they know I claim £450/month which they pay in full.

Renewal on same terms etc as before.

Confused!!

Depends on policy but if lifetime cover it is policy to increase on age not on specific claims/difficulties. This would work as if 10 people claimed for 10 dogs from 0-15 years- some never make a substantial claim (they get profit) some break even and some claim far more than policy. Overall most probably don't claim more than they put in over the lifespan of their pet so insurance company still make money.