Life Insurance Premium Volume to GDP for Sri Lanka
DDDI09LKA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.71
Year-over-Year Change
51.52%
Date Range
1/1/1995 - 1/1/2020
Summary
The Life Insurance Premium Volume to GDP for Sri Lanka measures the ratio of life insurance premiums to the country's GDP. This economic indicator provides insights into the size and growth of the life 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 series represents the value of life insurance premiums in Sri Lanka as a percentage of its gross domestic product. It is a key metric used by economists, policymakers, and industry analysts to assess the development and penetration of the life insurance sector within the broader economic context.
Methodology
The data is collected and calculated by the World Bank using national accounts and insurance industry sources.
Historical Context
This trend is relevant for understanding the role of the life insurance industry in Sri Lanka's financial system and its potential impact on economic growth and stability.
Key Facts
- Life insurance premiums in Sri Lanka were 1.4% of GDP in 2020.
- The life insurance industry in Sri Lanka has grown steadily over the past decade.
- Increasing life insurance penetration is a key goal for Sri Lanka's financial sector development.
FAQs
Q: What does this economic trend measure?
A: The Life Insurance Premium Volume to GDP for Sri Lanka measures the ratio of life insurance premiums to the country's gross domestic product, providing insights into the size and growth of the life insurance industry relative to the overall economy.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the role of the life insurance industry in Sri Lanka's financial system and its potential impact on economic growth and stability.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts and insurance industry sources.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the development and penetration of the life insurance sector within Sri Lanka's broader economic context, which can inform financial sector policies and strategies.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank, and there may be some delays in reporting due to the time required to collect and compile the necessary information from national sources.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Sri Lanka (DDDI09LKA156NWDB), retrieved from FRED.