No, not really.
Without insurance companies much of modern commerce would grind to a halt or simply not have started in the first place. Yes there are sleazy practices - especially in almost deliberately regulatorily rigged markets (e.g. US healthcare) and perhaps in markets where insurance is mandatory but perhaps regulations are not strict enough or enforced properly. But the vast majority of general insurance (P&C in the USA, also otherwise known as non-life) is voluntary, and without it most modern businesses would simply not be able to operate.
Mutual or co-operative models may be considered preferable and some state-managed schemes also have value. But private insurance companies are not scams, by any means; they offer effective risk management services without which we as consumers would be much worse off because prices would be higher and choice would be much restricted, to name just two likely effects. I am no shill for the industry - and have been a trenchant critic of many practices - but having worked with it over many years, it still irks that so many people fail to understand just how much it is THE oil that greases the wheels of so much of modern life. The development of insurance and the joint-stock company are probably the two things that underpin nearly all modern business, without which it would simply not exist in all its myriad manifestations.
/lecture
( I may have put it more succinctly here )
