Use of Financial Services, Liabilities: Outstanding Deposits for Life Insurance at Insurance Corporations for Colombia
COLFCLOFILPXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
77,372,257,620,000.00
Year-over-Year Change
372.88%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits for life insurance at insurance corporations in Colombia. It provides insights into the usage of financial services and the liability structure of the life insurance industry in the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Use of Financial Services, Liabilities: Outstanding Deposits for Life Insurance at Insurance Corporations for Colombia data series tracks the total value of deposits held by Colombian insurance companies for life insurance policies. This metric is an important indicator of the size and activity within the life insurance sector and can inform analysis of financial markets and consumer behavior.
Methodology
The data is collected by the Central Bank of Colombia through surveys of insurance corporations.
Historical Context
Policymakers and market analysts use this trend to evaluate the health and development of Colombia's life insurance industry and its role in the broader financial system.
Key Facts
- Colombia's life insurance industry held over $24 billion in outstanding deposits as of 2022.
- Deposits for life insurance make up a significant portion of the total liabilities for Colombian insurance corporations.
- The life insurance deposit trend has shown steady growth over the past decade in Colombia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding deposits held by insurance corporations in Colombia for life insurance policies.
Q: Why is this trend relevant for users or analysts?
A: The life insurance deposit trend provides insight into the size and activity of Colombia's life insurance industry, which is an important component of the country's financial system.
Q: How is this data collected or calculated?
A: The data is collected through surveys of insurance corporations conducted by the Central Bank of Colombia.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this trend to evaluate the health and development of Colombia's life insurance sector and its role in the broader financial system.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the trend may not capture all life insurance activity across the entire Colombian market.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits for Life Insurance at Insurance Corporations for Colombia (COLFCLOFILPXDC), retrieved from FRED.