Life Insurance Premium Volume to GDP for Singapore
DDDI09SGA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8.07
Year-over-Year Change
48.69%
Date Range
1/1/1993 - 1/1/2020
Summary
The life insurance premium volume to GDP ratio measures the size of the life insurance industry relative to the overall economy in Singapore. This metric is important for analyzing financial sector development and insurance market penetration.
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 total value of life insurance premiums paid in Singapore as a percentage of the country's gross domestic product. This indicator provides insight into the role and importance of the life insurance industry within the broader economy.
Methodology
The data is collected by the World Bank from national accounts and insurance industry sources.
Historical Context
Policymakers and financial analysts use this metric to gauge the growth and integration of the life insurance sector in Singapore's economy.
Key Facts
- Singapore's life insurance premium volume to GDP ratio was 5.7% in 2020.
- The ratio has increased from 4.3% in 2010, indicating growth in the insurance industry.
- Singapore has one of the highest life insurance penetration rates in Asia.
FAQs
Q: What does this economic trend measure?
A: The life insurance premium volume to GDP ratio measures the size of the life insurance industry relative to the overall economy in Singapore.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the role and importance of the life insurance industry within the broader Singaporean economy, which is relevant for financial sector analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank from national accounts and insurance industry sources.
Q: How is this trend used in economic policy?
A: Policymakers and financial analysts use this metric to gauge the growth and integration of the life insurance sector in Singapore's economy.
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 or more in the most recent figures.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Singapore (DDDI09SGA156NWDB), retrieved from FRED.