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

Source: World Bank
Last Updated: Oct 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 36.6 % in 2020 in Cyprus, according to the National Central Bank / OECD. This is 32.4 % 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 36.6 % in 2020 and an all time low of % in. When compared to Cyprus's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Greece amounted to 2.41 %, 0.074 % in Israel and 8.36 % in Turkey in 2020.

Cyprus has been ranked 2nd within the group of 94 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 2 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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