I have discussed in my previous post that the viewpoint that insurance is akin some form of charity holds no weight. Those who hold his view are having illusions and they live in a fool’s paradise. The commercial insurance agencies use advertising as a tool to promote their agenda. They try to brainwash their target audience into believing that it is only through insurance that they can get peace of mind. Consequently, their gullible clients end up paying a much bigger amount through premiums than the expected amount of loss they may suffer to get peace of mind. On the other hand the so-called ‘charity-cum-insurance’ companies make huge profits by extracting enough money through premiums by which they can easily pay the expected claims on their company and also make profit. The tall claims made by some people that the insurance policies can make one’s future secure and reduce risks are nothing but hogwash because the insurance policies are risky themselves.
In his thesis on insurance Thunayaan had interviewed many Western authorities and he found that none of them agreed to the view that the concept of insurance has an element of charity to it.
According to Al-Dhareer, the people who deal with the insurance companies find that they are exploitive by nature and they operate with a profit-motive by taking advantage of the fears and insecurities of people.
Keep Me In Your Prayers.