Life Insurance Premium Volume to GDP for Saudi Arabia
DDDI09SAA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.05
Year-over-Year Change
57.94%
Date Range
1/1/1992 - 1/1/2020
Summary
This economic indicator measures the ratio of life insurance premium volume to GDP in Saudi Arabia, providing insights into the country's insurance industry and financial development.
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 life insurance premium volume to GDP ratio is a key metric used to assess the size and importance of the life insurance sector relative to the overall economy. It offers insights into financial intermediation, risk management, and the depth of insurance markets in Saudi Arabia.
Methodology
The data is collected and calculated by the World Bank based on national accounts and insurance industry sources.
Historical Context
This trend is closely monitored by policymakers, financial analysts, and researchers to evaluate the role of the insurance industry in Saudi Arabia's economic growth and development.
Key Facts
- Saudi Arabia's life insurance premium volume to GDP ratio was 0.012 in 2020.
- The ratio has steadily increased from 0.007 in 2010, indicating growing importance of the life insurance sector.
- Saudi Arabia's ratio remains lower than the global average, suggesting potential for further insurance market development.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the ratio of life insurance premium volume to the gross domestic product (GDP) in Saudi Arabia, providing insights into the size and significance of the life insurance industry in the country's economy.
Q: Why is this trend relevant for users or analysts?
A: The life insurance premium volume to GDP ratio is a key metric used to assess the depth and development of the insurance sector, which is an important component of a country's financial system and overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank based on national accounts and insurance industry sources.
Q: How is this trend used in economic policy?
A: Policymakers, financial analysts, and researchers closely monitor this trend to evaluate the role of the insurance industry in Saudi Arabia's economic growth and development, and to inform policy decisions related to financial sector regulation and promotion.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, and there may be some delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Saudi Arabia (DDDI09SAA156NWDB), retrieved from FRED.