Non-Life Insurance Premium Volume to GDP for Australia
DDDI10AUA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.24
Year-over-Year Change
8.83%
Date Range
1/1/1991 - 1/1/2020
Summary
The Non-Life Insurance Premium Volume to GDP for Australia measures the percentage of a country's GDP attributed to non-life insurance premiums. This provides insight into the size and importance of the non-life insurance industry within the Australian 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 Non-Life Insurance Premium Volume to GDP ratio tracks the value of non-life insurance premiums, such as for property, casualty, and health insurance, relative to the overall size of the Australian economy. This metric offers economists and policymakers a gauge of the insurance sector's contribution and role within the broader national economic framework.
Methodology
The data is calculated by the World Bank using insurance industry statistics and national GDP figures.
Historical Context
This trend is useful for analyzing the development and penetration of the insurance industry and its relationship to economic growth.
Key Facts
- Australia's non-life insurance premiums were 2.76% of GDP in 2020.
- The non-life insurance industry has grown steadily in Australia over the past decade.
- The ratio provides insight into the maturity and penetration of the insurance market.
FAQs
Q: What does this economic trend measure?
A: The Non-Life Insurance Premium Volume to GDP for Australia measures the percentage of the country's GDP that is attributed to non-life insurance premiums.
Q: Why is this trend relevant for users or analysts?
A: This metric offers insight into the size and importance of the non-life insurance industry within the broader Australian economy, which is useful for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using insurance industry statistics and national GDP figures.
Q: How is this trend used in economic policy?
A: This trend is used to analyze the development and penetration of the insurance industry and its relationship to economic growth.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank with a typical 1-2 year lag.
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Citation
U.S. Federal Reserve, Non-Life Insurance Premium Volume to GDP for Australia (DDDI10AUA156NWDB), retrieved from FRED.