Insurance

NACE v2.0 Code: K65.1

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 potential risks, and determining appropriate premiums to cover expected claims and operational costs while generating a profit. Insurance companies also rely on investment strategies to generate returns on the premiums they collect.

Production inputs

The main inputs required for the insurance industry include skilled actuaries, underwriters, and other insurance professionals; robust data and analytics capabilities; a strong financial position to cover potential claims; and a diverse portfolio of insurance products and services to meet the evolving needs of customers.

Production outputs

The primary outputs of the insurance industry are insurance policies that provide coverage for a wide range of risks, including life, health, property, and liability. These insurance products are consumed by 64.1 Financial service activities, except insurance and pension funding, 68.0 Real estate activities, and 86.1 Hospital activities, among other NACE codes, as they seek to manage their own risks and protect their assets.

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 page shows a legacy version of code 65.1 ( NACE v2.0).

Newer versions

Related ISIC Codes

These isic codes are related to this econ code: (65.1).

ISIC code ISIC Version ISIC title
651ISIC v4.0Insurance

Family tree for insurance

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

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

    C --> F["<a href='/classifications/nace/v2/K/65/11'>65.11: Life insurance</a>"]
C --> G["<a href='/classifications/nace/v2/K/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