Insurance and financial services (% of commercial service exports) by country

What this measures

Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.

Limitations: 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.

Each country's latest available year is shown; countries report on different schedules, so compare years before comparing values.

Ranking

Regions and income groups

More private sector & trade indicators

• New business density (new registrations per 1,000 people ages 15-64)
• New businesses registered (number)
• Investment in energy with private participation (current US$)
• Public private partnerships investment in energy (current US$)
• International tourism, number of arrivals
• International tourism, number of departures
• International tourism, receipts (current US$)
• International tourism, receipts (% of total exports)
• International tourism, receipts for passenger transport items (current US$)
• International tourism, expenditures for passenger transport items (current US$)
• International tourism, receipts for travel items (current US$)
• International tourism, expenditures for travel items (current US$)

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Source

World Bank, World Development Indicators, TX.VAL.INSF.ZS.WT, CC BY 4.0. Original source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF) View on data.worldbank.org; the full definition is in the World Bank's metadata glossary.