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

Insurance and financial services as a percentage of service exports from the balance of payment reached 23.2 % in 2017 in Cyprus, according to the National Central Bank / OECD. This is 6.04 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Cyprus reached an all time high of 30.6 % in 2010 and an all time low of 2.29 % in 1995. When compared to Cyprus's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Egypt amounted to 1.95 %, 1.73 % in Greece, 0.084 % in Israel and 4.35 % in Turkey in 2017.

Cyprus has been ranked 6th 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, 15 places above 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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