insurance industry
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insurance industry
The branch of the economy that includes all companies offering insurance services.
Die deutsche Versicherungswirtschaft gehört zu den größten der Welt.
The German insurance industry is one of the largest in the world.
The word is made up of 'die Versicherung' (insurance) and 'die Wirtschaft' (economy/industry). It refers to the entire branch of the economy that deals with insurance.
Er arbeitet seit vielen Jahren in der Versicherungswirtschaft.
He has worked in the insurance industry for many years.
'Versicherungswirtschaft' (insurance industry) is a collective term for all insurance companies together. Therefore, the word is used almost exclusively in the singular.
Die Digitalisierung stellt die gesamte Versicherungswirtschaft vor neue Herausforderungen.
Digitalization is presenting the entire insurance industry with new challenges.
The word is often used in the context of economic and financial news. Typical verbs are 'wachsen' (to grow), 'regulieren' (to regulate), or 'investieren' (to invest).
Die Versicherungswirtschaft wächst langsamer als im Vorjahr.
The insurance industry is growing more slowly than in the previous year.
insurance / assurance
'die Versicherung' and 'die Versicherungswirtschaft' both have to do with insurance, but they refer to very different levels. 'Versicherung' means an individual insurance policy or also an individual insurance company. 'Versicherungswirtschaft' means the whole insurance industry, including all companies that offer insurance. The words can be confused because 'Versicherungswirtschaft' begins with the same base word. In everyday life, you usually need 'Versicherung'. 'Versicherungswirtschaft' fits better when you are talking about the industry, the market, or many companies together.
In dem Bericht steht, dass die Versicherungswirtschaft neue Regeln für digitale Verträge erwartet.
The report says that the insurance industry expects new rules for digital contracts.
Sie zeigt der Kollegin die Nummer ihrer Versicherung, weil sie einen Schaden melden muss.
She shows her colleague the number of her insurance company because she needs to report a claim.