India, Feb. 17 -- Probability is business-critical for the insurance industry. The insurer applies the "probability" factor to assess and value the risks, and sets the premium at a rate that earns them a profit even after paying out claims. When a large number of individuals or businesses subscribe to insurance policies, the risk gets shared by all, which makes the insurance premium affordable. But what happens when "probability" loses its meaning-or, the "how likely something is to happen" becomes the "all likely to happen"? The business of insurance collapses. In the face of high payouts, insurers increase the premiums. This makes insurance unaffordable for individuals and businesses, even discouraging them to buy policies. After sustai...