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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 2.76 % in 2018 in Iceland, according to the National Central Bank / OECD. This is 20.1 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Iceland reached an all time high of 100 % in 1995 and an all time low of 0.026 % in 1998. When compared to Iceland's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Denmark amounted to 1.29 %, 9.15 % in Norway, 5.82 % in Sweden and 27.0 % in United Kingdom in 2018.

Iceland has been ranked 70th 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, 54 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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