Consult the ECOICOP v2 European Classification of Individual Consumption by Purpose

Division 12 covers insurance ( 12.1) and financial services ( 12.2). Insurance and financial services are provided by financial corporations. These may be paid for explicitly or implicitly. Some transactions in financial assets may also involve both explicit and implicit charges. Implicit charges are not always as evident, given that the way in which charges are made for most goods and services and are typically calculated using a number of observable transactions. Examples of

implicit charges arise from the financial services provided in association with interest charges on loans and deposits, the acquisition and disposal of financial assets and liabilities in financial markets, and insurance and pension schemes. The imputed values of expenditure on insurance and financial services are not directly observable from household income and expenditure surveys.

Insurance services are subdivided by type of insurance. Financial services are subdivided by financial intermediation services indirectly measured and by the other forms of actual and indirect charges and remittance fees for financial services. For the definition and the measurement of the insurance and financial services, specific national account concepts (2008 SNA) do apply.