GDP accounting: Insurance spending belong to which part of GDP?

We know that $GDP = C + I + G + NX$, where $C$ is household consumption and $I$ is private investment. I don’t know whether insurance spending (e.g life insurance) belongs to $C$ or $I$.

I’ve googled and read some stuff but still haven’t found the answer.

Any response is highly appreciated. Thanks in advance!

Economics Asked on November 18, 2021

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