Answer: Under common interpretations of Islamic law, conventional insurance is forbidden in Islam.
Would Muslims seek a religious exemption if the purchase of insurance were required by law?
Many scholars criticise the system of conventional insurance as exploitative and unjust.
http://islam.about.com/od/business/f/insurancefaq.htm
Islam is not a religion but a total society- with its own banking laws -all a part of Sharia - coming to a country near you thanks to spineless PC rulers.