Division 6 Insurance and pension services

Insurance and pension services covers the provision to non-residents of various types of insurance by resident insurance enterprises, and vice versa.

Insurance provides individual units (Governments, enterprises and households) exposed to certain risks with financial protection against the consequences of the occurrence of specified events. In addition, insurers often act as financial intermediaries who invest funds collected from these units in financial or other assets in order to meet future claims.

Pension funds are established to provide benefits for retirement or invalidity of specific groups of employees. They are similar to insurance in that they act as intermediaries with regard to investing the funds for their beneficiaries and redistribute some risks.

Insurance and pension services include the following sub-components: direct insurance; reinsurance; auxiliary insurance; pension services and standardized guarantee services.