Reinsurance
NACE v2.0 Code: K65.20
About reinsurance
NACE code 65.20, 'Reinsurance', refers to the industry responsible for providing insurance coverage to insurance companies. Reinsurance plays a vital role in the broader insurance sector, helping to spread risk and ensure the financial stability of the industry. By transferring a portion of the risk from primary insurers to reinsurers, the reinsurance industry enables insurance companies to underwrite larger policies and expand their coverage, ultimately benefiting consumers and businesses alike.
Production process
The reinsurance process typically involves the evaluation of risk, the pricing of reinsurance contracts, and the management of the reinsurance portfolio. Reinsurers utilize actuarial analysis, data modeling, and risk management techniques to assess the likelihood and potential impact of various risks. They then develop customized reinsurance products and pricing structures to meet the specific needs of their insurance company clients.
Production inputs
The reinsurance industry relies on a range of inputs, including access to large pools of data on historical claims and risk profiles, sophisticated analytical and modeling capabilities, a deep understanding of the insurance industry and its dynamics, and a strong network of relationships with primary insurers. Reinsurers also require significant financial resources and capital to underwrite the risks they assume.
Production outputs
The primary output of the reinsurance industry is the provision of risk transfer and risk management services to insurance companies. By accepting a portion of the risk from primary insurers, reinsurers enable those companies to offer a wider range of insurance products and coverage options to their customers. The reinsurance industry's outputs are closely linked to the activities of 65.11 Reinsurance activities and 65.12 Non-life insurance, as reinsurers provide essential support to the broader insurance sector.
Revisions to 65.20
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 65.20. The most recent 1 version of this code (65.20) is in the NACE v2.1 system:
This page shows a legacy version of code 65.20 ( NACE v2.0).
Newer versions
- NACE v2.1 (Latest revision):
Related ISIC Codes
These isic codes are related to this econ code: (65.20).
ISIC code | ISIC Version | ISIC title |
---|---|---|
6520 | ISIC v4.0 | Reinsurance |
Related CPC Codes
These CPC codes are related to this econ code: (65.20).
Family tree for reinsurance
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/65/2'>65.2: Reinsurance</a>"] C --> D["<a href='/classifications/nace/v2/K/65/20'>65.20: Reinsurance</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 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