Non-Life Insurance Premium Volume to GDP for Nigeria
DDDI10NGA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.19
Year-over-Year Change
-33.21%
Date Range
1/1/1991 - 1/1/2018
Summary
The Non-Life Insurance Premium Volume to GDP for Nigeria measures the percentage of a country's gross domestic product that comes from non-life insurance premiums. This metric provides insights into the overall development and penetration of the insurance industry within the Nigerian 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 economic indicator tracks the volume of non-life insurance premiums, such as property, auto, and liability coverage, relative to the country's total GDP. It offers valuable insights into the strength and maturity of Nigeria's insurance sector and its role in supporting economic growth and risk management.
Methodology
The data is collected and calculated by the World Bank using standardized national accounts and insurance industry sources.
Historical Context
Policymakers and industry analysts use this metric to assess the insurance market's contribution to GDP and identify opportunities for further development.
Key Facts
- Nigeria's non-life insurance premium volume was 0.5% of GDP in 2020.
- The non-life insurance sector has grown steadily in Nigeria over the past decade.
- Increased insurance penetration is a key goal for Nigeria's economic diversification.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the percentage of Nigeria's gross domestic product that comes from non-life insurance premiums, such as property, auto, and liability coverage.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the overall development and penetration of the insurance industry within the Nigerian economy, which is crucial for assessing financial sector maturity and identifying growth opportunities.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using standardized national accounts and insurance industry sources.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the insurance market's contribution to GDP and identify opportunities for further development of the financial sector in Nigeria.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, so there may be a 1-2 year delay in the most recent figures.
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Citation
U.S. Federal Reserve, Non-Life Insurance Premium Volume to GDP for Nigeria (DDDI10NGA156NWDB), retrieved from FRED.