Insurance pricing can be improved by using financial models that consider multiple types of coverage. A new model was developed that incorporates default risk and generates pricing formulas for different types of insurance. This model was tested using data from U.S. insurers and was found to provide more accurate estimates of key parameters compared to other models. The model treats insurance liabilities like risky corporate debt and values the insurer's promise to policyholders as a default risk-free loan with a put option.