Insurance companies may be classified into two groups:
- Life insurance companies, which sell life insurance, annuities and pensions products.
- Non-life, general, or property/casualty insurance companies, which sell other types of insurance.
- Standard lines
- Excess lines
In most countries, life insurers and non-life are subject to different rules and different tax and accounting rules. The main reason for the difference between the two types of companies, life insurance, pension and retirement is the very long term in nature - coverage for life insurance or a pension can cover risks over several decades. Unlike non-life insurance, insurance is usually a shorter period, such as a year.
