Insurance and financial services (% of commercial service exports) - Country Ranking

Definition: Insurance and financial services cover freight insurance on goods exported and other direct insurance such as life insurance; financial intermediation services such as commissions, foreign exchange transactions, and brokerage services; and auxiliary services such as financial market operational and regulatory services.

Source: International Monetary Fund, Balance of Payments Statistics Yearbook and data files.

See also: Thematic map, Time series comparison

Find indicator:
Rank Country Value Year
1 Liberia 82.14 2019
2 Luxembourg 55.41 2020
3 Cayman Islands 51.33 2019
4 Bahrain 44.78 2018
5 Kiribati 43.02 2020
6 Libya 41.51 2019
7 Cyprus 39.62 2020
8 Hong Kong SAR, China 35.05 2020
9 Papua New Guinea 32.76 2018
10 United Kingdom 28.84 2020
11 Nigeria 26.89 2020
12 Malawi 26.09 2020
13 Switzerland 25.90 2020
14 Trinidad and Tobago 25.09 2020
15 Malta 24.92 2020
16 United States 24.09 2020
17 Singapore 21.53 2020
18 Mexico 21.00 2020
19 Central African Republic 19.58 1993
20 Burkina Faso 19.45 2019
21 Kuwait 16.74 2020
22 Macao SAR, China 14.96 2020
23 Panama 14.76 2020
24 Eswatini 14.23 2020
25 Guyana 13.99 2020
26 Kenya 13.84 2019
27 Germany 13.75 2020
28 Guinea 13.50 2020
29 Ireland 12.48 2020
30 South Africa 12.33 2020
31 Canada 12.23 2020
32 Benin 11.78 2019
33 Ghana 11.51 2020
34 Japan 11.35 2020
35 Mauritius 11.23 2020
36 France 10.91 2020
37 Iran 10.69 2000
38 Samoa 10.27 2020
39 Italy 10.17 2020
40 Norway 10.11 2020
41 Botswana 10.07 2020
42 Chile 9.70 2020
43 Belgium 9.59 2020
44 Uruguay 9.58 2020
45 Bulgaria 9.50 2020
46 Zambia 9.20 2020
47 Antigua and Barbuda 9.14 2020
48 Guinea-Bissau 9.03 2019
49 Saudi Arabia 8.61 2020
50 Algeria 8.17 2020
51 Peru 7.68 2020
52 Australia 7.65 2020
53 Lebanon 7.65 2020
54 Guatemala 7.40 2020
55 St. Vincent and the Grenadines 7.14 2020
56 Sweden 6.80 2020
57 Sierra Leone 6.54 2019
58 Tunisia 6.46 2020
59 Dominica 6.46 2020
60 Burundi 6.41 2018
61 Bhutan 6.35 2020
62 Cameroon 6.34 2020
63 Vanuatu 6.22 2020
64 Spain 6.19 2020
65 St. Kitts and Nevis 5.86 2020
66 Uganda 5.73 2020
67 Indonesia 5.65 2020
68 Kazakhstan 5.29 2020
69 Solomon Islands 5.23 2020
70 Qatar 5.15 2020
71 Korea 5.08 2020
72 Brazil 5.04 2020
73 Togo 4.95 2019
74 El Salvador 4.86 2020
75 Austria 4.78 2020
76 Iceland 4.78 2020
77 Malaysia 4.72 2020
78 Rwanda 4.71 2020
79 Namibia 4.58 2020
80 Sri Lanka 4.49 2020
81 Armenia 4.46 2020
82 Ecuador 4.45 2020
83 Paraguay 4.36 2020
84 Mozambique 4.24 2020
85 China 4.15 2020
86 Turkey 3.83 2020
87 New Zealand 3.71 2020
88 Kyrgyz Republic 3.49 2020
89 Dominican Republic 3.47 2020
90 Cambodia 3.46 2020
91 Russia 3.43 2020
92 Haiti 3.42 2019
93 Latvia 3.36 2020
94 Comoros 3.30 2020
95 Slovenia 3.28 2020
96 Egypt 3.27 2020
97 Netherlands 3.21 2020
98 India 3.19 2020
99 Suriname 3.18 2020
100 Andorra 3.14 2019
101 Pakistan 3.13 2020
102 Mauritania 3.04 2020
103 Thailand 2.95 2020
104 Bangladesh 2.94 2020
105 Senegal 2.84 2018
106 Czech Republic 2.74 2020
107 Jordan 2.74 2020
108 St. Lucia 2.48 2020
109 Portugal 2.48 2020
110 Lao PDR 2.46 2020
111 Argentina 2.45 2020
112 Greece 2.42 2020
113 Poland 2.36 2020
114 Slovak Republic 2.27 2020
115 Uzbekistan 2.25 2020
116 Dem. Rep. Congo 2.22 2020
117 Hungary 2.15 2020
118 Georgia 2.13 2020
119 São Tomé and Principe 2.08 2020
120 Colombia 1.96 2020
121 Morocco 1.87 2020
122 Oman 1.80 2020
123 Lithuania 1.78 2020
124 Serbia 1.75 2020
125 Cabo Verde 1.75 2020
126 Chad 1.73 1994
127 Grenada 1.73 2020
128 Denmark 1.67 2020
129 Romania 1.67 2020
130 Barbados 1.59 2016
131 Montenegro 1.52 2020
132 Estonia 1.50 2020
133 Finland 1.45 2020
134 Venezuela 1.45 2016
135 Tanzania 1.44 2020
136 Croatia 1.37 2020
137 Mongolia 1.33 2020
138 Costa Rica 1.26 2020
139 Azerbaijan 1.18 2020
140 Gabon 1.15 2015
141 Syrian Arab Republic 1.13 2010
142 Mali 1.09 2018
143 Eritrea 1.04 2000
144 Belize 1.00 2020
145 Nepal 0.98 2020
146 Sudan 0.95 2020
147 Ukraine 0.95 2020
148 Belarus 0.83 2020
149 Jamaica 0.81 2020
150 Albania 0.79 2020
151 Madagascar 0.77 2020
152 Fiji 0.75 2020
153 Nicaragua 0.74 2020
154 Iraq 0.73 2020
155 Congo 0.73 2016
156 Tuvalu 0.72 2019
157 New Caledonia 0.71 2016
158 Côte d'Ivoire 0.64 2019
159 Palau 0.61 2017
160 Niger 0.55 2020
161 Bosnia and Herzegovina 0.53 2020
162 Philippines 0.52 2020
163 Bolivia 0.51 2020
164 Brunei 0.50 2020
165 Afghanistan 0.43 2020
166 The Gambia 0.36 2020
167 Moldova 0.35 2020
168 Lesotho 0.28 2020
169 North Macedonia 0.26 2020
170 Honduras 0.20 2020
171 Myanmar 0.17 2019
172 Ethiopia 0.15 2020
173 Tajikistan 0.07 2020
174 Israel 0.07 2020
175 The Bahamas 0.00 2018
175 Seychelles 0.00 2020
175 Zimbabwe 0.00 2020
175 Angola 0.00 2020
175 Nauru 0.00 2018
175 Equatorial Guinea 0.00 1988
175 Tonga 0.00 2020
175 Yemen 0.00 2015
183 Timor-Leste -0.65 2020

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Development Relevance: Trade in services differs from trade in goods because services are produced and consumed at the same time. Thus services to a traveler may be consumed in the producing country (for example, use of a hotel room) but are classified as imports of the traveler's country. In other cases services may be supplied from a remote location; for example, insurance services may be supplied from one location and consumed in another.

Limitations and Exceptions: Balance of payments statistics, the main source of information on international trade in services, have many weaknesses. Disaggregation of important components may be limited and varies considerably across countries. There are inconsistencies in the methods used to report items. And the recording of major flows as net items is common (for example, insurance transactions are often recorded as premiums less claims). These factors contribute to a downward bias in the value of the service trade reported in the balance of payments. Efforts are being made to improve the coverage, quality, and consistency of these data. Eurostat and the Organisation for Economic Co-operation and Development, for example, are working together to improve the collection of statistics on trade in services in member countries. Still, difficulties in capturing all the dimensions of international trade in services mean that the record is likely to remain incomplete. Cross-border intrafirm service transactions, which are usually not captured in the balance of payments, have increased in recent years. An example is transnational corporations' use of mainframe computers around the clock for data processing, exploiting time zone differences between their home country and the host countries of their affiliates. Another important dimension of service trade not captured by conventional balance of payments statistics is establishment trade - sales in the host country by foreign affiliates. By contrast, cross-border intrafirm transactions in merchandise may be reported as exports or imports in the balance of payments.

Statistical Concept and Methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions. The concepts and definitions underlying the data are based on the sixth edition of the International Monetary Fund's (IMF) Balance of Payments Manual (BPM6). Balance of payments data for 2005 onward will be presented in accord with the BPM6. The historical BPM5 data series will end with data for 2008, which can be accessed through the World Development Indicators archives. The complete balance of payments methodology can be accessed through the International Monetary Fund website (www.imf.org/external/np/sta/bop/bop.htm).

Aggregation method: Weighted average

Periodicity: Annual