All perfect praise be to Allah, The Lord of The Worlds, and may His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

The closest Sharia framing of the insurance sums requested by some parties in their transactions is that it is money pledged as collateral since the purpose behind it is to secure the debt and guarantee that the lender will get his rights back from the borrower. Items held in pledge belong to their owner. The Messenger of Allah, may Allah bless him and grant him peace, said, 'The pledge given as security is not forfeited and items held in pledge belong to their owner in case of loss or benefit' {Dar Khotni&Al-Hakim}.

Therefore, depositing the insurance sum requested by the above party doesn`t discontinue the Hawl (One whole lunar year), of the Zakah due on that sum, because the money held in pledge remains in the possession of the pledger. "If he pledged cattle or other Zakatableproperty as collateral and one whole lunar year passed over possessing it, the Shafie scholars are of two opinions: The reliable one is that paying the Zakah due on that property is obligatory."{Al-Majmou` Shareh Al-Mohathab, 5/343}.

In conclusion, you (Questioner) are obliged to pay the Zakah due on the sum mentioned above and for all past years. And Allah knows best.