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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 31.7 % in 2018 in Kuwait, according to the National Central Bank / OECD. This is 113 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Kuwait reached an all time high of 31.7 % in 2018 and an all time low of 1.17 % in 2006. When compared to Kuwait's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Bahrain amounted to 44.8 %, 0.716 % in Iraq and 1.81 % in Saudi Arabia in 2018.

Kuwait has been ranked 5th 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, 48 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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