What are the cost of insurance to the society?

Insurance provides a benefit to society not really a cost. Of course there are premium that you pay but in exchange for the premiums the benefits are there when you need them. Insurance is a vehicle that spreads risk over a vast number of people rather than having it effect individuals. Individual members of society could not handle the risk on an individual basis so they pay a premium in order for the insurance company to take this risk and then with a large number of policy holders they can spread this risk so that each person pays a small portion of the risk.