This is true that most of us who are in underdeveloped countries don't usually care about insurances but for me I insured my property as an average person from my motorcycle, our family's farmland, my fishing gears, personal insurance and anything else because super typhoon Odette that devastated my place taught us lessons on how important insurance is in times of disasters.
Basically insurance is mandatory, it's just that in underdeveloped countries there are still many who are not well educated about insurance, which makes people think it is not important, even if there is insurance, many people lie or make things difficult, making people reluctant to have insurance. In fact, the benefits of insurance are many, like another example of car insurance, if an accident occurs the police can ticket all vehicles that do not have insurance, especially if the car hits someone then the fine will be even bigger. Likewise for all property or business, we all must have insurance. So, if for example there is an accident or damage, it will definitely be covered by insurance.
Moreover, for health insurance, the entire population should have insurance (regular insurance). Living in this day and age, medical costs are very expensive, even minor illnesses are expensive, especially serious illnesses that require surgery, of course very expensive unless you are Warren Buffett, yes no-no, but I think even rich people have health insurance.