section_path: Insurance companies
section_name: Insurance companies
paragraph_text: Insurance companies
  
  Insurance companies may provide any combination of insurance types, but are often classified into three groups:
  
  General insurance companies can be further divided into these sub categories.
  
  In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is long-term in nature – coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.