With each passing day, managing risk is becoming increasingly critical. One of the most important and widely used tools of managing risk is insurance. Hence, today we see availability of insurance for almost everything from life, health, home, automobile, climate mitigation, electronic gadgets, data, travel, among host of other everyday things. While the most widely used insurance products are based on the principles of risk transfer to a third party or an underwriter for a premium, the oldest form of insurance is based on redistribution or risk sharing. It is known as Mutual or Cooperative insurance where a group of people come together to support one another through a mutual contribution. In case of insurance through a joint stock company, the insurer charges a premium to provide a risk coverage to the insured for a pre-defined event. In case of the occurrence of that event, the insurer pays the sum assured. If the said event doesn’t occur, the insurer gets to retain the premium. I