Insurance is one of the major, but less all the studied branches of economy. Insurance has appeared for a long time, and the insurance main task is to satisfy the various requirements of the person connected with presence of insurance protection in various unforeseen situations. In given article the economic essence of insurance which consist available special relations of distribution which are created on the basis of monetary payments of participants is considered. These payments are used for a covering of losses and payments at insured event approach. Granting of insurance protection is a special kind of financial services which creates and the insurance company gives. Besides, value of insurance at microeconomic and macroeconomic levels is considered. The main aspects of insurance on a microeconomic level consist that insurance incurs risks to which are subject physical and legal persons, pays damages and as facilitates reception of extra means. In turn, the contribution of insurance to state economy consists in maintenance of continuous process of manufacture, in clearing of the state of additional expenses, in economic activities financing, and as in stimulation of scientific and technical progress. As a result of research it is possible to draw a conclusion that the mission of insurance for overcoming of financial consequences of concrete risks is a prominent aspect both for households, and for the enterprises. But not less important insurance is and for economy as a whole as promotes effective functioning and national economy development.