Life insurance

NACE v2.0 Code: K65.11

About life insurance

NACE code 65.11 covers the life insurance industry, a crucial component of the broader financial services sector. Life insurance plays a vital role in providing financial protection and security for individuals, families, and businesses. By offering a range of life insurance products, this industry helps people manage risks, plan for the future, and safeguard their loved ones in the event of unexpected life events.

Production process

The life insurance industry primarily operates by underwriting and managing life insurance policies. This involves assessing the risk profiles of potential policyholders, determining appropriate coverage levels and premiums, and administering the policies over their lifetime. Insurance companies utilize actuarial analysis, risk management techniques, and investment strategies to ensure the long-term viability of their insurance products.

Production inputs

The life insurance industry relies on several key inputs, including financial capital, skilled underwriters and actuaries, customer data and risk assessment tools, and a robust regulatory framework. Insurance companies must maintain sufficient reserves and investment portfolios to fulfill their obligations to policyholders. Additionally, they require access to accurate mortality and morbidity data to price their products effectively.

Production outputs

The primary output of the life insurance industry is the provision of life insurance policies, which offer financial protection and security to policyholders and their beneficiaries. These policies can take various forms, such as term life insurance, whole life insurance, and universal life insurance. The life insurance industry's outputs are consumed by 64.19 Other monetary intermediation, 66.22 Activities of insurance agents and brokers, and 84.30 Compulsory social security activities, among other related industries.

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 page shows a legacy version of code 65.11 ( NACE v2.0).

Newer versions

Related ISIC Codes

These isic codes are related to this econ code: (65.11).

ISIC code ISIC Version ISIC title
6511ISIC v4.0Life insurance

Related CPC Codes

These CPC codes are related to this econ code: (65.11).

CPC code CPC Version CPC title
71311CPC v2.1Life insurance services
71321CPC v2.1Accidental death and dismemberment insurance services
71322CPC v2.1Health insurance services

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

    C --> E["<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 level4
class E level4

  class D 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 D highlight