Insurance and Financial Services (As % of Service Exports, BoP) in Australia

Insurance and financial services as a percentage of service exports from the balance of payment reached 5.65 % in 2017 in Australia, according to the National Central Bank / OECD. This is 5.93 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Australia reached an all time high of 9.19 % in 1993 and an all time low of 2.56 % in 2010. When compared to Australia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Indonesia amounted to 2.85 %, 2.24 % in Malaysia, 4.41 % in New Zealand and 4.54 % in Papua New Guinea in 2017.

Australia has been ranked 40th within the group of 149 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 8 places behind the position seen 10 years ago.

Insurance and financial services cover various types of insurance provided to non-residents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and non-residents.

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