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.
