Energy storage operators can enhance the reliability of power supply and mitigate the losses caused by power outages. To further expand the application scenarios of energy storage for improving power supply reliability and increase the profits of energy storage operators, a profit allocation strategy based on insurance actuarial theory is proposed. Firstly, the B?hlmann premium model is constructed by fitting the distribution of power outage losses, integrating credibility theory with the pure premium model. Then, a corrected failure rate model based on a health index is established, and the minimum path method is employed to calculate the insurance indemnity probabilities for various users in the event of a power outage. Lastly, by combining power outage insurance with peak-shaving and valley-filling arbitrage, a profit model for energy storage operators is constructed to maximize their profits over the entire lifecycle, which is then compared with their profits without participating in power outage insurance. The research findings indicate that collaborating with insurance companies can significantly boost the profits of energy storage operators and accelerate the recovery of investment costs.