Insurance, reinsurance and pension funding, except compulsory social security

isic code 65 encompasses the insurance, reinsurance, and pension funding industries, excluding compulsory social security. These sectors play a vital role in the broader economy by providing risk management solutions, investment services, and retirement planning for individuals and businesses. The insurance industry, in particular, is a key component of the financial services sector, helping to mitigate the impact of unexpected events and ensuring the stability and resilience of the economic system.

The core activities within isic code 65 involve the underwriting and management of insurance policies, the provision of reinsurance services, and the administration of pension funds. Insurance companies utilize actuarial analysis, risk assessment, and portfolio management techniques to price policies, manage claims, and invest premiums. Reinsurance firms leverage their specialized expertise to provide coverage for primary insurers, while pension funds employ investment strategies to grow retirement savings and ensure the long-term financial security of their members.

The insurance, reinsurance, and pension funding industries require a range of inputs, including skilled professionals such as actuaries, underwriters, and investment managers. These sectors also rely on robust data and analytics capabilities, advanced information technology systems, and a comprehensive regulatory framework to ensure compliance and consumer protection. Additionally, the availability of capital, both from premiums and investment returns, is a critical input for the effective operation of these industries.

The primary outputs of isic code 65 are insurance policies, reinsurance contracts, and pension fund management services. These outputs are consumed by a wide range of 64 Financial service activities, except insurance and pension funding such as banks, investment firms, and other financial institutions, as well as 84 Public administration and defence; compulsory social security and 97-98 Activities of households as employers; undifferentiated goods- and services-producing activities of households for own use for their risk management and retirement planning needs.