Life Insurance Premium Volume to GDP for Canada
DDDI09CAA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.19
Year-over-Year Change
3.50%
Date Range
1/1/1992 - 1/1/2019
Summary
The 'Life Insurance Premium Volume to GDP for Canada' trend measures the ratio of life insurance premiums to the country's total economic output. It provides insight into the relative importance of the life insurance industry within the Canadian economy.
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
This economic indicator tracks the scale of the life insurance sector in Canada by comparing the value of life insurance premiums to the country's gross domestic product (GDP). It is used by economists and policymakers to assess the financial strength and growth of the life insurance industry and its role in the broader economy.
Methodology
The data is collected and calculated by the World Bank using national accounts and insurance industry statistics.
Historical Context
This trend is relevant for understanding the development and penetration of the life insurance market, which can have implications for financial stability, household savings, and risk management.
Key Facts
- Canada's life insurance premium volume was 6.7% of GDP in 2020.
- The life insurance industry accounts for over 2% of Canada's total employment.
- Life insurance penetration in Canada is among the highest in the world.
FAQs
Q: What does this economic trend measure?
A: The 'Life Insurance Premium Volume to GDP for Canada' trend measures the ratio of life insurance premiums to the country's total economic output (GDP).
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the relative importance of the life insurance industry within the Canadian economy, which is relevant for understanding financial stability, household savings, and risk management.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts and insurance industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the development and penetration of the life insurance market, which can have implications for financial stability and the broader economy.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, so there may be a delay of up to a year in the most recent figures.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Canada (DDDI09CAA156NWDB), retrieved from FRED.