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

Insurance and financial services as a percentage of service exports from the balance of payment reached 0.804 % in 2016 in Georgia, according to the National Central Bank / OECD. This is 13 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Georgia reached an all time high of 4.80 % in 2004 and an all time low of 0.711 % in 2017. When compared to Georgia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Armenia amounted to 1.66 %, 0.440 % in Azerbaijan, 3.07 % in Russia and 4.85 % in Turkey in 2016.

Georgia has been ranked 125th within the group of 154 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 72 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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