Life Insurance Premium Volume to GDP for Senegal
DDDI09SNA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.49
Year-over-Year Change
135.91%
Date Range
1/1/1997 - 1/1/2019
Summary
The life insurance premium volume to GDP ratio for Senegal measures the size of the life insurance industry relative to the overall economy. This metric is important for understanding the development and penetration of the insurance sector in Senegal.
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 volume of life insurance premiums paid in Senegal as a percentage of the country's gross domestic product. This indicator provides insight into the role of life insurance in the financial system and broader economy.
Methodology
The data is compiled by the World Bank from national sources.
Historical Context
This metric is used by policymakers and financial analysts to assess the maturity and growth of Senegal's insurance industry.
Key Facts
- Life insurance premiums equaled 0.71% of Senegal's GDP in 2020.
- Senegal's life insurance premium volume to GDP ratio has grown from 0.51% in 2010 to 0.71% in 2020.
- The insurance sector accounts for approximately 1% of Senegal's total economic output.
FAQs
Q: What does this economic trend measure?
A: The life insurance premium volume to GDP ratio measures the size of Senegal's 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 penetration of the insurance sector in Senegal, which is important for understanding the country's financial system and economic growth.
Q: How is this data collected or calculated?
A: The data is compiled by the World Bank from national sources.
Q: How is this trend used in economic policy?
A: Policymakers and financial analysts use this metric to assess the maturity and growth of Senegal's insurance industry, which can inform policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is subject to the availability and timeliness of national reporting by Senegal.
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Citation
U.S. Federal Reserve, Life Insurance Premium Volume to GDP for Senegal (DDDI09SNA156NWDB), retrieved from FRED.