Life Insurance Premium Volume to GDP for Jamaica
DDDI09JMA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.36
Year-over-Year Change
81.66%
Date Range
1/1/1990 - 1/1/2019
Summary
The Life Insurance Premium Volume to GDP for Jamaica measures the ratio of total life insurance premiums to the country's gross domestic product. This metric provides insight into the level of life insurance penetration and the overall development of the insurance sector within the Jamaican 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
The Life Insurance Premium Volume to GDP ratio is an indicator of the insurance market's relative size and importance in Jamaica. It shows the extent to which life insurance products are utilized by individuals and businesses as part of their financial planning and risk management strategies.
Methodology
This indicator is calculated by the World Bank using reported life insurance premium volumes and GDP data from the Jamaican government.
Historical Context
Policymakers and market analysts use this metric to assess the financial depth and overall maturity of Jamaica's insurance industry.
Key Facts
- Jamaica's life insurance premium to GDP ratio was 2.6% in 2020.
- The ratio has shown steady growth over the past decade.
- Increasing insurance penetration is a policy goal in Jamaica.
FAQs
Q: What does this economic trend measure?
A: The Life Insurance Premium Volume to GDP for Jamaica measures the size of the life insurance industry relative to the overall economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the development and importance of the insurance sector in Jamaica, which is a key component of the country's financial system.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank using reported life insurance premium volumes and GDP figures from the Jamaican government.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this indicator to assess the financial depth and overall maturity of Jamaica's insurance industry, which is relevant for policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank, so there may be a 1-2 year delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Jamaica (DDDI09JMA156NWDB), retrieved from FRED.