The insurance industry is quite heterogeneous and the structure of the sector varies according to the prevailing level of economic development. 6 In fact, developed countries’ insurance sectors usually include life insurers, non-life insurers and reinsurers. These companies may be stand-alone enterprises or parts of groups or conglomerates, and they may conduct business internationally. Developing countries’ insurance providers, in turn, are smaller and generally do not engage in major international activities. There can also be differences between insurance institutions in a particular country or market segment. (For example, because of the wide range of risks to which they can be exposed,.
