Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Why buy insurance?
There's an old saying among commodities producers... If it's likely to happen, but won't kill you, you hedge (save/"self-insure", options, futures). If it's not likely to happen, but would kill you, you insure.  Hedging and insuring are both about managing risk. If you feel there is no risk at all, you don't need to do either. But feeling that you have no risk at all is somewhat naive.