Iceland IS: Imports: All Services: Insurance And Pension Services

Iceland IS: Imports: All Services: Insurance And Pension Services data was reported at 4,011.600 ISK mn in 2023. This records a decrease from the previous number of 4,153.400 ISK mn for 2022. Iceland IS: Imports: All Services: Insurance And Pension Services data is updated yearly, averaging 4,153.400 ISK mn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 6,381.500 ISK mn in 2013 and a record low of 2,195.200 ISK mn in 2020. Iceland IS: Imports: All Services: Insurance And Pension Services data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Imports: by Services: OECD Member: Annual. Insurance and pension services covers the provision to non-residents of various types of insurance by resident insurance enterprises, and vice versa.MSITS 2010 recommends that insurance and pension services be disaggregated into four separate sub-components: direct insurance; reinsurance; auxiliary insurance; and pension and standardized guarantee services. Direct insurance is further broken down into life insurance, freight insurance and other direct insurance. Pension and standardized guarantee services is further broken down into pension services and standardized guarantee services.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 fund operations have common features, but they can be distinguished. While life insurance and pension funds include a large saving component, the objective of non-life insurance (including term life insurance) is largely to pool risk. The transactions undertaken by insurers include charging premiums, paying claims and investing funds. Similarly, pension fund transactions include receiving contributions, paying benefits and investing funds. In order to analyse the economic processes underlying these operations, it is necessary to examine their components so as to separate services from other elements such as income transfers.Cross-border insurance transactions are particularly common in specialized areas involving reinsurance and high-value items such as ships and aircraft. For some small economies, the small size of their risk pool means that a wider range of items tend to be insured by non-residents. With the international mobility of populations, cross-border transactions in life insurance and pensions can also occur on a significant scale.Direct insurance and reinsurance may apply to both life and non-life policies. A direct insurance transaction occurs between an insurance company and the public. Reinsurance is defined as insurance where both parties to the policy are providers of insurance services; that is to say, reinsurance allows insurance risk to be transferred from one insurer to another. Many insurers act as both direct insurers and reinsurers. Reinsurance and direct insurance services are estimated or valued by the service charges included in the total premiums.

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