What is the Islamic ruling on insurance, and on life, health, home, and car insurance, and on working in insurance companies?

Insurance emerged in the 14th century AD in Italy and is of two types: cooperative insurance and fixed-premium insurance. Cooperative insurance is based on donation and mutual support, and it is permissible. As for fixed-premium insurance, also known as commercial insurance, it is a contingent contract fraught with injustice (ghabn), uncertainty (gharar), and usury (riba). It lacks Islamic legal guarantee, and its terms and obligations are inconsistent with the provisions of Islamic Sharia, which prohibits consuming people's wealth unjustly and dealing in usury and uncertainty. Therefore, this type of insurance – including life insurance – is forbidden, due to its corrupting effect on hearts and its abandonment of reliance on God. Islamic Fiqh Academies have unanimously agreed on its prohibition, with the exception of cooperative insurance. Consequently, working in commercial insurance companies is not permissible.