Yes, this is a simple matter:
1. You can't win because you are out of time.
2. He can't win because he has insufficient material.
The message is for the opposition really, had he one pawn you would lose. The worst possible defence is assumed for the player that runs out of time.
Hello, I have just finished a really exciting game which ended as displayed below. My time reached 0 but my opponent still had 2 minutes 20 seconds left on his timer. Instead of losing on time, I received a message saying "Game over - Game drawn - insufficient material". I have done a bit of research into this message but it says that it only occus with opponent having king and you having king and either bishop or knight. Can somebody explain this further to me. I was white and my opponent was black.
Thanks