Non-Life Insurance Premium Volume to GDP for Philippines
DDDI10PHA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.47
Year-over-Year Change
1.27%
Date Range
1/1/1990 - 1/1/2020
Summary
The 'Non-Life Insurance Premium Volume to GDP for Philippines' trend measures the ratio of non-life insurance premiums to the country's gross domestic product. This metric is important for economists and policymakers to assess the size and development of the insurance industry relative to the overall 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 trend represents the volume of non-life insurance premiums, which includes property, casualty, and liability coverage, as a percentage of the Philippines' GDP. It provides insight into the insurance sector's contribution and role within the broader economic landscape.
Methodology
The data is collected and reported by the World Bank from national accounts and insurance industry sources.
Historical Context
Analysts and policymakers use this metric to evaluate the insurance industry's level of penetration and development in the Philippines.
Key Facts
- The Philippines' non-life insurance premium to GDP ratio was 1.58% in 2020.
- The ratio has grown from 1.02% in 2000, indicating an expanding insurance industry.
- Non-life insurance accounts for about 60% of the total insurance market in the Philippines.
FAQs
Q: What does this economic trend measure?
A: This trend measures the volume of non-life insurance premiums, such as for property, casualty, and liability coverage, as a percentage of the Philippines' gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the size and development of the insurance industry relative to the overall economy, which is important for evaluating the sector's contribution and role within the broader economic landscape.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank from national accounts and insurance industry sources.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to evaluate the insurance industry's level of penetration and development in the Philippines, which can inform decisions and policies related to the financial sector and economic growth.
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 or more in the most recent information being available.
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Citation
U.S. Federal Reserve, Non-Life Insurance Premium Volume to GDP for Philippines (DDDI10PHA156NWDB), retrieved from FRED.