Life Insurance Premium Volume to GDP for Costa Rica
DDDI09CRA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.19
Year-over-Year Change
5.76%
Date Range
1/1/1994 - 1/1/2020
Summary
The Life Insurance Premium Volume to GDP for Costa Rica is an economic indicator that measures the relative size of the life insurance industry in the country's 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 provides insight into the development and penetration of the life insurance market in Costa Rica. It is used by economists and policymakers to analyze the financial sector's growth and the public's engagement with life insurance products.
Methodology
The data is calculated by the World Bank as the ratio of life insurance premium volume to GDP.
Historical Context
This trend is relevant for assessing the financial depth and insurance market maturity in Costa Rica.
Key Facts
- Life insurance premium volume was 1.2% of Costa Rica's GDP in 2020.
- The ratio has grown from 0.8% in 2010, indicating gradual market expansion.
- Costa Rica's life insurance market is smaller than the global average of 3.3% of GDP.
FAQs
Q: What does this economic trend measure?
A: The Life Insurance Premium Volume to GDP for Costa Rica measures the size of the country's life insurance industry relative to its overall economic output.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the development and penetration of the life insurance market, which is an important indicator of financial sector maturity and public engagement with insurance products.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank as the ratio of life insurance premium volume to GDP.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the financial depth and growth potential of the insurance industry, which can inform regulatory frameworks and strategies for expanding insurance market access.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so the most recent year may not be immediately available. Additionally, the metric does not provide a detailed breakdown of the life insurance market composition.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Costa Rica (DDDI09CRA156NWDB), retrieved from FRED.