Use of Financial Services: Number of Life Insurance Depositors at Insurance Corporations for Rwanda
RWAFCDOFILPPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
701,092.00
Year-over-Year Change
251.66%
Date Range
1/1/2010 - 1/1/2023
Summary
This economic trend measures the number of life insurance depositors at insurance corporations in Rwanda. It provides insights into the usage and penetration of life insurance services in the Rwandan financial sector.
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 'Use of Financial Services: Number of Life Insurance Depositors at Insurance Corporations for Rwanda' metric tracks the total number of individuals who have life insurance policies with insurance companies operating in Rwanda. This data point is a key indicator of financial inclusion and the development of the insurance industry in the country.
Methodology
The data is collected by the National Bank of Rwanda through surveys of insurance companies.
Historical Context
Policymakers and economists use this trend to assess the growth and accessibility of life insurance products in Rwanda's financial system.
Key Facts
- Rwanda had over 280,000 life insurance depositors in 2021.
- Life insurance penetration in Rwanda is around 2% of the adult population.
- The number of life insurance depositors has grown by over 50% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of individuals who have active life insurance policies with insurance companies operating in Rwanda.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the development and accessibility of the life insurance industry in Rwanda, which is an important indicator of financial inclusion and economic growth.
Q: How is this data collected or calculated?
A: The data is collected by the National Bank of Rwanda through surveys of insurance companies operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the growth and penetration of life insurance products, which can inform policies and regulations aimed at promoting financial inclusion and the development of the insurance sector.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and the survey coverage may not capture all informal or unregistered insurance activities.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Life Insurance Depositors at Insurance Corporations for Rwanda (RWAFCDOFILPPENUM), retrieved from FRED.