Insurance that comes from the word insure = in+ sure. sure related to belief, beliefness, religious
What makes us sure (guaranteed) If in the insurance plan, which guarantees savings / premium. Like a bank, insurance is a special savings for certain purposes.

Insurance business includes, health, education, accident (for physical human orvehicle), life/death insurance etc
The insurance business has potential in rich-moderat countries, while in certain developing countries it is not very significant.
some bankrupt, other related the company problem-skandal.

in developing countries, apart from economic factors, there are also cultural & religious factors. Why do you need to provide money, for accidents? disasters, health, children's education, old age, even death.
is it not enough with savings (bank or personal savings)?
Are we expecting an accident?  Or predict we will crash?

if it is related to spiritualism, religion. it is said that the future can be read. And sometimes a belief, disaster/accident can be avoided by charity, good deeds. In this case, insurance just mean as a contribution for insurance company. although donations can be distributed to those who need it more