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Insurance Facts The different Insurance companies are classified as Life Insurance companies, who sell life insurance, annuities and pensions products or Non-Life or General Insurance companies, who sell other types of insurance. In most countries, life and non-life insurers are subject to different regulations, tax and accounting rules. The main reason for the distinction between the two types of company is that life insurance is very long term in nature and coverage for life assurance or a pension may cover risks for decades. Non-life insurance coverage is usually shorter periods, such as one year. Companies may sell both life and non life insurance, in which case they are sometimes known as composite insurance companies. Insurance companies are also often classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while stockholders, (who may or may not own policies) own stock insurance companies. Reinsurance companies sell insurance cover to other insurance companies. This helps insurance companies to spread their risks, and protects them from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves.

There are also companies which are known as Insurance Brokers. Like a mortgage broker, a these companies are are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Article adapted from Wikipedia

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