Русско-англо-русский юридический словарь

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. (Wikipedia)

As mentioned earlier, the ‘insurer’ is the one calculating risks, providing insurance policies, and paying out claims. The ‘insured,’ on the other hand, is the person (or people) covered under the insurance policy. (Insurance Dictionary by Lemonade)