Life Insurance Premium Volume to GDP for Lao People's Democratic Republic
DDDI09LAA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.03
Year-over-Year Change
483.75%
Date Range
1/1/1995 - 1/1/2019
Summary
This economic trend measures the ratio of life insurance premium volume to GDP in Lao People's Democratic Republic. It provides insights into the development and importance of the life insurance industry within the country's broader 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 represents the size of the life insurance sector relative to the overall economic activity in Lao PDR. This metric is used by economists and policymakers to assess the depth and maturity of the country's insurance market and its role in financial intermediation.
Methodology
The data is collected and calculated by the World Bank based on reports from national insurance regulators and statistical agencies.
Historical Context
This indicator is relevant for understanding financial sector development and the potential for insurance to support economic growth in Lao PDR.
Key Facts
- Life insurance premiums accounted for 0.4% of Lao PDR's GDP in 2020.
- The life insurance premium to GDP ratio in Lao PDR is lower than the global average.
- Expanding the life insurance industry is a policy priority in Lao PDR to support financial inclusion and long-term savings.
FAQs
Q: What does this economic trend measure?
A: This trend measures the ratio of life insurance premium volume to GDP in Lao People's Democratic Republic, providing insight into the size and importance of the life insurance industry within the country's economy.
Q: Why is this trend relevant for users or analysts?
A: This indicator is relevant for understanding financial sector development and the potential for insurance to support economic growth in Lao PDR.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank based on reports from national insurance regulators and statistical agencies.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the depth and maturity of Lao PDR's insurance market and its role in financial intermediation, which is a policy priority for supporting financial inclusion and long-term savings.
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 in the most recent figures being available.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Lao People's Democratic Republic (DDDI09LAA156NWDB), retrieved from FRED.