I insert the picture, then I place a textbox over and extending beyond the picture on both left and right-hand sides and type my text. I then go to the beginning of the text and, using Tab and/or the Spacebar I shunt the text across until there is no text per se on the image. The text box expands to suit, and one ends up with the equivalent of textwrap.
It is only a workaround, but it does work for me.
Hope this helps :-)