Life Insurance Premium Volume to GDP for Philippines
DDDI09PHA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.38
Year-over-Year Change
95.48%
Date Range
1/1/1990 - 1/1/2020
Summary
The 'Life Insurance Premium Volume to GDP for Philippines' measures the ratio of life insurance premium volume to the country's total gross domestic product. This metric provides insight into the relative size and importance of the life insurance industry within the Philippine 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 represents the life insurance premium volume as a percentage of the Philippines' GDP. It offers a way to gauge the development and penetration of the life insurance market in relation to the overall economic activity in the country.
Methodology
The data is collected and calculated by the World Bank based on reported insurance industry statistics and national GDP figures.
Historical Context
Policymakers and financial analysts use this metric to assess the financial inclusion and risk protection levels within the Philippine economy.
Key Facts
- The life insurance premium volume was 1.8% of Philippines' GDP in 2020.
- The Philippines ranked 92nd globally in life insurance premium volume to GDP ratio in 2020.
- Life insurance penetration in the Philippines lags behind many other Southeast Asian countries.
FAQs
Q: What does this economic trend measure?
A: The 'Life Insurance Premium Volume to GDP for Philippines' measures the ratio of life insurance premium volume to the country's total gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the relative size and importance of the life insurance industry within the Philippine economy, which is useful for policymakers and financial analysts assessing financial inclusion and risk protection levels.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank based on reported insurance industry statistics and national GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and financial analysts use this metric to assess the financial inclusion and risk protection levels within the Philippine economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not capture the most recent changes in the life insurance market and overall economic conditions in the Philippines.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Philippines (DDDI09PHA156NWDB), retrieved from FRED.