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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 3.91 % in 2018 in India, according to the National Central Bank / OECD. This is 14.3 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in India reached an all time high of 6.50 % in 2010 and an all time low of 1.24 % in 1980. When compared to India's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Bangladesh amounted to 2.05 %, 3.54 % in China, 3.14 % in Pakistan and 4.44 % in Sri Lanka in 2018.

India has been ranked 52nd 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, 13 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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