65 - Insurance, reinsurance and pension funding, except compulsory social security

This Chapter has been extracted from the ONS Explanatory Notes and provides a more detailed explanation of possible activities that could fall within the SIC Codes related to the Chapter.

This division includes the underwriting of annuities and insurance policies and investing premiums to build up a portfolio of financial assets to be used against future claims. Provision of direct insurance and reinsurance are included.

65.1 Insurance

This group includes life insurance with or without a substantial savings element and non-life insurance.

65.11 Life insurance

This class includes:
- underwriting annuities and life insurance policies, disability income insurance policies, and accidental death and dismemberment insurance policies (with or without a substantial savings element).

65.12 Non-life insurance

This class includes:
- provision of insurance services other than life insurance:
• accident and fire insurance
• health insurance
• travel insurance
• property insurance
• motor, marine, aviation and transport insurance
• pecuniary loss and liability insurance

65.2 Reinsurance

65.20 Reinsurance

65.20/1 Life reinsurance


This subclass includes the activities of assuming all or part of the risk associated with existing insurance policies originally underwritten by other insurance carriers.

This subclass includes only:
- those institutions authorised by the Financial Services Authority under the Insurance
  Companies Act 1982 and whose main activity is the carrying on of life re-insurance
- those institutions in the European Economic Area entitled to carry on insurance business in the UK on the basis of their home state authorisation and whose main activity is life re-insurance

65.20/2 Non-life reinsurance


This class includes the activities of assuming all or part of the risk associated with existing insurance
policies originally underwritten by other insurance carriers.

This subclass includes:
- those institutions authorised by the Financial Services Authority under the Insurance Companies Act 1982 and whose main activity is the carrying on of non-life re-insurance business
- those institutions in the European Economic Area entitled to carry on insurance business in the UK on the basis of their home state authorisation and whose main activity is non-life re-insurance

65.3 Pension funding

65.30 Pension funding

This class includes legal entities (i.e. funds, plans and/or programmes) organised to provide retirement income benefits exclusively for the sponsor's employees or members. This includes pension plans with defined benefits, as well as individual plans where benefits are simply defined through the member’s contribution.

This class includes:
- employee benefit plans
- pension funds and plans
- retirement plans

This class excludes:
- management of pension funds, see 66.30
- compulsory social security schemes, see 84.30

 

For all queries related to this Chapter or any other aspect of SIC Codes, please contact the Office of National Statistics on 01329 444970 or email classifications.helpdesk@ons.gov.uk.