What is the ruling on insurance companies?

The Shaykh : The second part of the question remains, which is insurance companies. I say that we do not doubt, just as no one else doubts, in the words I am about to mention, that insurance companies are a Western, foreign, disbelieving transaction that the Islamic world did not know before it was afflicted by the occupation of the disbelievers of their lands. They are the ones who brought this misguidance and planted it in these lands, and many people found it palatable, from those whom the Messenger of Allah (peace and blessings be upon him) referred to in the two hadiths mentioned earlier, one of which is authentic and the other is weak in chain of narration .