Consumers will pay more regardless in this type of circumstance. But they will pay less if businesses don’t suddenly start going out of business, eliminating competition and jobs
This would be a claim by a large amount of insurance clients at once
It’s the difference between getting cancer (calculable, but perhaps not high probability), and getting hit by a meteorite (not actually calculable, very severe consequence).
Asteroid hits New York, insurance won’t pay out.
You’d insure against a specific product from a specific country being hit with a tariff. Tariffs are going up and down, sometimes in a way that may as well be random. (India not recommending Trump for a Nobel prize.) On its face, this doesn’t seem uninsurable.