Use of Financial Services, Liabilities: Outstanding Deposits at Insurance Corporations for Saudi Arabia
SAUFCLOFIXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51,622,316,959.55
Year-over-Year Change
269.97%
Date Range
1/1/2007 - 1/1/2023
Summary
This economic trend measures the outstanding deposits held at insurance corporations in Saudi Arabia. It provides insights into the country's financial services usage and the public's financial behavior.
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, Liabilities: Outstanding Deposits at Insurance Corporations for Saudi Arabia series tracks the total value of deposits held by individuals and businesses with insurance companies operating in the Saudi Arabian market. This metric reflects the public's confidence in and utilization of the insurance sector as a financial services provider.
Methodology
The data is collected and reported by the Saudi Arabian Monetary Authority (SAMA).
Historical Context
This trend is used by economists and policymakers to assess the depth and development of Saudi Arabia's insurance industry and broader financial system.
Key Facts
- Saudi Arabia is the largest insurance market in the Gulf Cooperation Council (GCC) region.
- Insurance penetration in Saudi Arabia reached 2.04% of GDP in 2021.
- The Saudi insurance industry is undergoing significant regulatory and technological transformation.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding deposits held by individuals and businesses with insurance companies operating in Saudi Arabia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the public's usage and confidence in the Saudi insurance industry, which is an important component of the country's broader financial system and economic development.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Saudi Arabian Monetary Authority (SAMA).
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the depth and development of Saudi Arabia's insurance industry and financial sector, which is crucial for economic growth and stability.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedule and methodological decisions of the Saudi Arabian Monetary Authority, which may result in occasional update delays or changes in data collection.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Insurance Corporations for Saudi Arabia (SAUFCLOFIXDC), retrieved from FRED.