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Insurance

Insurance

Equitable transfer of the risk of a loss, from one entity to another in exchange for payment

OverviewStructured DataIssuesContributors

Contents

Is a
Organization
Organization
Industry
Industry

Organization attributes

Also Known As
Insurance Carriers

Industry attributes

NAICS Code
5,241
Parent Industry
‌
Insurance Carriers and Related Activities
Child Industry
Property insurance
Property insurance
‌
Liability insurance
Travel insurance
Travel insurance
Sport insurance
Sport insurance
‌
Pet insurance
Ambac Financial
Ambac Financial
Web3 insurance
Web3 insurance
Maritime Life
Maritime Life
...

Other attributes

Wikidata ID
Q43183

Insurance is a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk. Its primary function is to substitute certainty for uncertainty as regards the economic cost of loss-producing events.

NAICS definition

This industry group comprises establishments primarily engaged in underwriting (assuming the risk, assigning premiums, and so forth) annuities and insurance policies and investing premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance carriers are establishments that are primarily engaged in initially underwriting and assuming the risk of annuities and insurance policies. Reinsurance carriers are establishments that are primarily engaged in assuming all or part of the risk associated with an existing insurance policy (or set of policies) originally underwritten by another insurance carrier.

Industries are defined in terms of the type of risk being insured against, such as death, loss of employment because of age or disability, and/or property damage. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.

Timeline

No Timeline data yet.

Patents

Companies in this industry

Further Resources

Title
Author
Link
Type
Date

How did insurances develop? - A short history of the insurance industry

https://www.youtube.com/watch?v=f7odiGPRBqc

September 2013

References

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