It has meaning in the current market. According to the definition of the Insurance Law: Insurance in a narrow sense means that the policy holder pays insurance premiums to the insurer in accordance with the stipulations of the contract. The insurer shall bear the liability for compensation for property losses caused by the occurrence of possible accidents stipulated in the contract, or shall A commercial insurance act that assumes the responsibility for paying insurance benefits when the insured dies, becomes disabled, becomes ill, or reaches the age or period stipulated in the contract. Insurance in a broad sense refers to an economic security system in which the insurer collects insurance premiums from the policy holder, establishes a special-purpose insurance fund, and bears the liability for compensation or payment to the policy holder within the scope specified by law or contract. Regardless of the definition, an insurance contract is essentially a gambling agreement, a gambling between money and risk. In fact, the insurance contract can be regarded as a form of option. The policyholder's premium is equivalent to the option fee, and the subject matter of the contract is the corresponding property value, or the health status of the insured, etc. Some people may think that the subject matter of options is cash or equivalents (such as stock prices, futures prices, etc.), which is different from health status, length of life, etc.; however, through actuarial methods and other means, insurance companies transform these things that are not easy to value into A value that can be measured in cash. Because the current market still lacks effective valuations for common insurance targets, insurance companies can provide such services, especially in life insurance. This is an important factor that distinguishes insurance companies from other institutions, and is also the basis why insurance contracts are more expensive than options contracts. In fact, there is no clear dividing line between the reinsurance business of insurance companies and the asset securitization business of investment banks. This means that insurance companies can be "investment banks", and investment banks can also be "insurance companies". The gradual maturity of the market will eventually eliminate the barriers to the existing insurance business, and insurance will no longer be the exclusive preserve of insurance companies. However, this does not mean the inevitable demise of insurance companies. Insurance companies can reduce the substitutability of their own business by providing highly personalized and high-quality insurance services. As long as the market cannot replicate their insurance products and services, insurance companies can still earn excess returns. To sum up, as long as the demand for insurance is still there, insurance companies will be there, although the insurance industry and insurance models may continue to change. Non-insurance professional’s point of view, this bullshit makes no sense, so please give more credit to all the prawns
Extended reading: How to buy insurance, which one is better, and step-by-step instructions to avoid these "pits" of insurance