We learn from God in the Quran that insurance is prohibited for the believers due to the following reasons:
It is a game of chance ( 2:219 and 5:90)
Shows lack of confidence in God (3:160 ,5:23, 10:84 and so on)
And demonstrates not knowing God (10:61, 4:126 and so on).
If you are forced by circumstances without being deliberate or malicious then you do not commit a sin and that is per similar concept:
[16:115] He only prohibits for you dead animals, blood, the meat of pigs,* and food which is dedicated to other than GOD. If one is forced (to eat these), without being deliberate or malicious, then GOD is Forgiver, Most Merciful.
Intoxicants and Gambling Prohibited*
[2:219] They ask you about intoxicants and gambling: say, "In them there is a gross sin, and some benefits for the people. But their sinfulness far outweighs their benefit." They also ask you what to give to charity: say, "The excess." GOD thus clarifies the revelations for you, that you may reflect.
*2:219 The world now recognizes that the economic benefits from manufacturing alcoholic beverages and illicit drugs are not worth the traffic fatalities, brain damage to children of alcoholic mothers, family crises, and other disastrous consequences. Check with "Alcoholics Anonymous" and "Gamblers Anonymous" for more information. See also 5:90-91.
Intoxicants and Gambling Prohibited
[5:90] O you who believe, intoxicants, and gambling, and the altars of idols, and the games of chance are abominations of the devil; you shall avoid them, that you may succeed.
[3:160] If GOD supports you, none can defeat you. And if He abandons you, who else can support you? In GOD the believers shall trust.
[5:23] Two men who were reverent and blessed by GOD said, "Just enter the gate. If you just enter it, you will surely prevail. You must trust in GOD, if you are believers."
[10:84] Moses said, "O my people, if you have really believed in GOD, then put your trust in Him, if you are really submitters."
[10:61] You do not get into any situation, nor do you recite any Quran, nor do you do anything, without us being witnesses thereof as you do it. Not even an atom’s weight is out of your Lord’s control, be it in the heavens or the earth. Nor is there anything smaller than an atom, or larger, that is not recorded in a profound record.
[4:126] To GOD belongs everything in the heavens and the earth. GOD is in full control of all things.
For the above mentioned reasons in the Quran, insurance is prohibited for the believers. This has also been clarified by Dr. Khalifa in an interview and many quran studies.
For more information, please hear “Interview with Dr. Rashad Khalifa by Ray Caton, Insurance-Interest”
In order to hear more audio Quran study recordings, please click here
Believers Unhesitatingly Obey
God and His Messenger
[24:51] The only utterance of the believers, whenever invited to GOD and His messenger to judge in their affairs, is to say, "We hear and we obey." These are the winners.
[4:80] Whoever obeys the messenger is obeying GOD. As for those who turn away, we did not send you as their guardian.
God’s Messenger of the Covenant*
[72:19] When GOD’s servant* advocated Him alone, almost all of them banded together to oppose him.
*72:1-28 The messenger here is named, mathematically, as “Rashad Khalifa,” to whom God revealed the end of the world (Appendix 25). The number of verses from 1:1 to 72:27, where the messenger is mentioned, is 5472, 19x72x4. The word “Rashada” occurs 4 times in Sura 72. The value of “Rashada” is 504, and 504+28 (verses of Sura 72) is 532, 19×28. The value of “Rashad Khalifa” (1230)+72+28=1330 =19×70. The digits of Sura 72 and its number of verses (28) add up to 7+2+2+8=19. Also, the crucial expression, “only to a messenger that He chooses” has a value of 361, 19×19.
[72:20] Say, "I worship only my Lord; I never set up any idols beside Him." [72:21] Say, "I possess no power to harm you, nor to guide you." [72:22] Say, "No one can protect me from GOD, nor can I find any other refuge beside Him. [72:23] "I deliver GOD’s proclamations and messages." Those who disobey GOD and His messenger incur the fire of Hell, wherein they abide forever.