Insurance is the work of the Devil.

Insurance is sensible, we are told. Yet the super rich never buy it. The rich insure the rest of us through Lloyds of London.

• Insurance seems to be a solid promise in an uncertain world. Often it is not. An insurance company can only afford to pay a tiny fraction of the claims it covers and is therefore at constant risk of collapse.
• Insurance companies are like generals fighting the last war. They only have funds to cover events that took place in previous years.
• The irony is that the public approach insurance companies to cover unexpected future risks- but all the insurance company can give them is cover for known past risks.
• If the world changes in any fundamental way then nobody is covered.
• Insurance companies are a means of living ones life with too much debt! We take out loans and cover them with insurance that will never pay out.
• Insurance allows us to live hand to mouth because we believe all the big risks are covered.

Until they are not.