But the average is what counts. The average, multiplied by how often it is likely to be paid, is what determines the price of an insurance policy. That product has been rising. Punitive damages are rare. Lightning is rare too, but it still clears the golf course during a storm.
Liability insurance is a tiny cost of doing business.
Choose a big enough denominator and you can make anything look tiny. Insurance companies are profitable. Some are, some aren't. The mutual insurance companies that insure many doctors are owned by the policyholders themselves. In any event it proves nothing that liability insurers prosper when liability expands.