Life Insurance Premium Volume to GDP for Benin
DDDI09BJA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.29
Year-over-Year Change
88.76%
Date Range
1/1/1994 - 1/1/2019
Summary
The 'Life Insurance Premium Volume to GDP for Benin' trend measures the ratio of life insurance premiums to the country's gross domestic product, providing insight into the development of the life insurance industry and its contribution 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 metric represents the size of the life insurance market relative to the broader economic activity in Benin. It is used by economists and policymakers to assess the financial depth and inclusiveness of the insurance sector, as well as its role in mobilizing long-term savings and promoting economic stability.
Methodology
The data is calculated by the World Bank using official reports and surveys from national insurance regulators and statistical agencies.
Historical Context
This trend is relevant for understanding the financial development and risk management capabilities within Benin's economy.
Key Facts
- Benin's life insurance premium to GDP ratio was 0.78% in 2020.
- The life insurance industry in Benin is relatively small compared to other African countries.
- Increasing the penetration of life insurance can support long-term savings and investment in Benin.
FAQs
Q: What does this economic trend measure?
A: This trend measures the size of the life insurance industry in Benin relative to the country's overall economic output, as represented by its gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the development and importance of the life insurance sector within Benin's economy, which is relevant for assessing financial inclusion, risk management, and long-term savings mobilization.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using official reports and surveys from Benin's national insurance regulators and statistical agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate the depth and inclusiveness of Benin's financial sector, as well as the role of life insurance in supporting economic stability and long-term investment.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, and there may be delays in reporting from national sources, which can limit the timeliness of the information.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Benin (DDDI09BJA156NWDB), retrieved from FRED.