Life Insurance Premium Volume to GDP for Ecuador
DDDI09ECA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.48
Year-over-Year Change
82.95%
Date Range
1/1/1994 - 1/1/2020
Summary
The Life Insurance Premium Volume to GDP for Ecuador measures the ratio of life insurance premiums to the country's gross domestic product, providing insight into the size and importance of the life insurance industry.
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 represents the level of life insurance activity in Ecuador relative to the overall size of its economy. It is used by policymakers and analysts to assess the development and penetration of the life insurance market.
Methodology
The data is calculated by the World Bank using reported life insurance premium volumes and GDP figures.
Historical Context
This metric helps evaluate the financial sector's role in Ecuador's economic growth and risk management.
Key Facts
- Ecuador's life insurance premium volume was 0.72% of GDP in 2020.
- The ratio has fluctuated between 0.5-0.9% over the past decade.
- Life insurance penetration in Ecuador is lower than the Latin American average.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the ratio of life insurance premiums to the gross domestic product (GDP) in Ecuador, reflecting the size of the life insurance industry relative to the overall economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the development and penetration of the life insurance market, which is an important component of a country's financial sector and can contribute to economic growth and risk management.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using reported life insurance premium volumes and GDP figures for Ecuador.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to assess the role of the life insurance industry in Ecuador's economic development and financial sector stability, which can inform policy decisions.
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 being available.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Ecuador (DDDI09ECA156NWDB), retrieved from FRED.