For example, property insurance and personal accident insurance, then it is to reduce economic risks at the lowest price.
For example, the advantage of financial insurance is a kind of financial investment, just like why some people put their spare money in the bank to make long-term or long-term bonds.
For example, endowment insurance, its advantage is compulsory savings, planning pension function.
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Some people evade taxes through insurance, and some people consider transferring money safely to the next generation in order to buy insurance (the beneficial right of insurance is greater than the creditor's right). Inheritance tax is also an advantage (China has not yet implemented inheritance tax).
This is all personal.
Social aspects include spreading risks, promoting social stability and good financing.
Disadvantages include: long return on investment, unpredictable future and so on.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.