In its simplest terms the insurance industry can be broken down into two main categories: life and non-life insurance. The life insurance sector provides coverage not only in the event of death, but also for other major, life-changing events such as disability or terminal illness. Household spending on life insurance peaked in 2006 and remained steady between 2019 and 2021. Conversely, the non-life sector includes insurances to do with property damage, insurances for businesses, as well as private health insurance (on most definitions). The UK saw 116 billion euros in non-life insurance premiums written, the second-highest value of premiums written among European countries.
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