Riba Al-Fadl (exchanging a superior thing of the same kind of goods with more of inferior quality of the same kind of goods), for as we know, the insurers take premiums from those under this coverage and promise to give them smaller or larger amounts should a risk occur to the insured.
and how is this different from hiring a security guard to protect you? you pay money to him every month (because of POSSIBILITY that somebody may try to kill you, let's say). 99% of the time, it will be wasted money -- so by that rationale, its exchanging something superior for something inferior. In the off-chance that someone attacks you, your security guard will sacrifice his life for you and save you (a priceless action).
and also your quote says
No doubt, this is the very same Riba which is prohibited according to many Qur’anic verses.
and just what do the quranic verses say? i don't think it says anything in detail like "Riba al fadl." it seems to me its busybodying by scholars and extrapolations where there isn't necessarily a connection.
finally, are you really getting less by paying insurance? i would say you are not. you are being relieved of anxiety. for example, if you are a husband, by paying for insurance, you can feel infinitely more comfortable in case you pass away, so that your wife and children are not destitute and begging in the streets. if you outlaw this, then you just favor the rich -- people who can withstand the financial shocks of death.
and allah knows best...