Life insurance

NACE v2.1 Code: L65.11

About life insurance

NACE code 65.11 covers the life insurance industry, a crucial component of the financial services sector. Life insurance provides individuals and businesses with protection against the financial risks associated with death, offering a range of products to meet diverse needs. This industry plays a vital role in safeguarding the financial well-being of families and supporting the broader economy through investment activities.

Production process

The life insurance industry utilizes actuarial science and risk management techniques to design, price, and administer a variety of life insurance products. This involves analyzing mortality data, projecting future claims, and determining appropriate premium rates. Insurance companies also invest the premiums collected to generate returns that can be used to pay future claims and cover operational expenses.

Production inputs

The life insurance industry relies on several key inputs, including actuarial data, financial modeling software, and a skilled workforce of underwriters, actuaries, and customer service professionals. Insurance companies also require access to capital markets to invest the premiums collected and generate investment income.

Production outputs

The primary output of the life insurance industry is the provision of life insurance policies, which can include term life, whole life, and universal life products. These policies provide financial protection to policyholders and their beneficiaries in the event of the policyholder's death. The life insurance industry's output is consumed by individuals, families, and businesses seeking to manage their financial risks and plan for the future. The industry's investment activities also contribute to the broader 64.11 Financial services, except insurance and pension funding sector.

Revisions to 65.11

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 65.11. The most recent 1 version of this code (65.11) is in the NACE v2.1 system (this version):

This page shows the most recent version of code 65.11.

Older versions

Family tree for life 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>"]
C --> D["<a href='/classifications/nace/v2-1/L/65/11'>65.11: Life insurance</a>"]

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

    

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    classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px
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    classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
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class B level2
class C level3
class D level4
class E level4

  class D highlight

  %% class A level1
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