Insurance

NACE v2.1 Code: L65.1

About insurance

NACE code 65.1 covers the insurance industry, a critical component of the broader financial services sector. Insurance plays a vital role in the economy by providing risk management solutions to individuals, businesses, and organizations. It helps mitigate the financial impact of unexpected events, enabling economic activity and growth to continue even in the face of adversity.

Production process

The insurance industry utilizes a range of actuarial and risk management techniques to assess, price, and underwrite various types of insurance policies. This includes analyzing historical data, modeling future scenarios, and determining appropriate premium rates to ensure the financial viability of insurance products. Insurance companies also rely on sophisticated information systems to manage policy administration, claims processing, and customer service.

Production inputs

The primary inputs for the insurance industry include the premiums paid by policyholders, as well as the investment income generated from the assets held in the insurance company's investment portfolio. Insurance companies also require skilled professionals, such as actuaries, underwriters, and claims adjusters, to effectively manage their operations. Additionally, insurance companies may rely on reinsurance, where they transfer a portion of their risk to other insurance providers, as an input to their business model.

Production outputs

The main outputs of the insurance industry are the insurance policies and coverage provided to individuals, businesses, and organizations. These policies can cover a wide range of risks, including life, health, property, liability, and more. The insurance industry's outputs are consumed by 66.2 Activities auxiliary to insurance and pension funding, 68.2 Renting and operating of own or leased real estate, and various other NACE codes that require risk management solutions to support their operations.

Revisions to 65.1

Classification codes are adjusted frequently. The code may have been revised or replaced between system versions. The table below shows the history (newest to oldest) of the code 65.1. The most recent 1 version of this code (65.1) is in the NACE v2.1 system (this version):

This page shows the most recent version of code 65.1.

Older versions

Family tree for insurance

    graph LR
    A["<a href='/classifications/nace/v2-1/L'>L: FINANCIAL AND INSURANCE ACTIVITIES</a>"]
A --> B["<a href='/classifications/nace/v2-1/L/65'>65: Insurance, reinsurance and pension funding, except compulsory social security</a>"]
B --> C["<a href='/classifications/nace/v2-1/L/65/1'>65.1: Insurance</a>"]

    B --> D["<a href='/classifications/nace/v2-1/L/65/2'>65.2: Reinsurance</a>"]
B --> E["<a href='/classifications/nace/v2-1/L/65/3'>65.3: Pension funding</a>"]

    C --> F["<a href='/classifications/nace/v2-1/L/65/11'>65.11: Life insurance</a>"]
C --> G["<a href='/classifications/nace/v2-1/L/65/12'>65.12: Non-life insurance</a>"]


    %% Color coordination by level

    classDef level1 color:#000,fill:#a8f9ff,stroke:#333,stroke-width:2px
    classDef level2 color:#000,fill:#e0a458,stroke:#333,stroke-width:1px
    classDef level3 color:#000,fill:#419d78,stroke:#333,stroke-width:1px
    classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px
    classDef level5 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef highlight color:#000,fill:#fff,stroke:#000,stroke-width:5px



  %% Apply classes
  class A level1
class B level2
class C level3
class D level3
class E level3
class F level4
class G level4

  class C highlight

  %% class A level1
  %% class B,C level2
  %% class D,E,F,G,H,I level2
  %% class J,K,L,M,N,O,P level3
  %% class C highlight