Equivalent Risk Semantic Issue

Is an Automobile policy that can lose 10,000 times a day's allocation of Surplus, every day, without limit

"Equivalent with”

A stock investment that can't lose more than 100%, and that only one time?

Or are they of such different characters that no objective comparison is possible?

Does "Equivalent Risk" means "Systematic Risk"

Much of the correlation between insurers' stocks and the overall market can be explained by the movement in the value of the insurers' assets (sometimes, more than all.)

In financial terms, insurance operations have a very small beta (sometimes, negative.)

In CAPM regulation, insurance operations deserve a very small profit provision (sometimes, negative.)

Does this make objective sense?

If there is no trading in insurance assets, there is no objective answer to this question!