Manual on Statistics of International Trade in Services

5. Insurance services 
3.99. 
Insurance services
covers the provision of 
various types of insurance to non-residents by resident 
insurance enterprises, and vice versa. These services are 
estimated or valued by the service charges included in 
total premiums rather than by the total value of the 
premiums. The estimation procedures recommended in 
the present 
Manual
(as in BPM5) are described in box 4.
3.100. The present 
Manual
recommends that 
insurance 
services
be disaggregated into five separate 
components––
life insurance and pension funding,
freight insurance
, 
other direct insurance
, 
reinsurance
, 
and 
auxiliary services to insurance
. This is a 
disaggregation of the BPM5 classification. Information 
on 
gross premiums
and 
gross claims
, separately for each 
of life insurance, freight insurance and other direct 
insurance, which may be the basis for estimating the 
service charge, is of analytic value and is recorded in the 
memorandum items.
3.101. Holders of 
life insurance
policies, both 
with 
profit
and 
without profit
, make regular payments to an 
insurer (there may be just a single payment), in return 
for which the insurer guarantees to pay the policy holder 
an agreed minimum sum or an annuity, at a given date or 
at the death of the policy holder, if this occurs earlier. 
Term life insurance, where benefits are provided in the 
case of death but in no other circumstances, is a form of 
direct insurance, and is excluded here and included in 
other insurance
.
3.102.