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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 25.9 % in 2018 in Cyprus, according to the National Central Bank / OECD. This is 3.17 % more 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 31.4 % in 2016 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 1.47 %, 1.39 % in Greece, 0.074 % in Israel and 3.26 % in Turkey in 2018.

Cyprus has been ranked 8th within the group of 153 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 3 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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