In a live session with Dr. Monzer Kahf, scholar in Islamic economics and financial expert, he gave the following response on this issue,

“Insurance is a controversial contract. Some Scholars argue that it is Haram because it contains intolerable degree of un-knowability of outcome. Others, including me deem it as permissible because its un-knowability is contained by the probability theory and its necessary large number of insured besides being a necessary contract in today’s life. The same applies to all kinds of insurance including life. It does not insure life, does it?”