Non-Life Insurance Premium Volume to GDP for Ecuador
DDDI10ECA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.47
Year-over-Year Change
13.58%
Date Range
1/1/1990 - 1/1/2020
Summary
The 'Non-Life Insurance Premium Volume to GDP for Ecuador' measures the size of the non-life insurance sector relative to the country's overall economic output. This metric provides insights into the development and penetration of the insurance industry in Ecuador.
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 indicator represents the total value of non-life insurance premiums written in Ecuador as a percentage of its gross domestic product (GDP). It serves as a proxy for the relative importance of the non-life insurance industry within the broader Ecuadorian economy.
Methodology
The data is collected and calculated by the World Bank using national accounts and insurance industry sources.
Historical Context
Policymakers and analysts use this metric to assess the maturity and growth potential of Ecuador's insurance market.
Key Facts
- Ecuador's non-life insurance premium volume is approximately 1.2% of its GDP.
- The non-life insurance sector has grown steadily in Ecuador over the past decade.
- Automobile and property insurance are the largest components of the non-life insurance market in Ecuador.
FAQs
Q: What does this economic trend measure?
A: This trend measures the size of Ecuador's non-life insurance industry relative to its overall economic output, as represented by the country's GDP.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the development and penetration of the insurance industry in Ecuador, which is an important indicator of the country's financial sector maturity and growth potential.
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 sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the growth and competitiveness of Ecuador's insurance market, which can inform regulatory and development strategies.
Q: Are there update delays or limitations?
A: The data is published annually with a potential delay of up to two years, which may limit its use for real-time analysis.
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Citation
U.S. Federal Reserve, Non-Life Insurance Premium Volume to GDP for Ecuador (DDDI10ECA156NWDB), retrieved from FRED.