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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 5.90 % in 2018 in Latvia, according to the National Central Bank / OECD. This is 73.3 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Latvia reached an all time high of 17.0 % in 2008 and an all time low of 0.002 % in 1992. When compared to Latvia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Belarus amounted to 0.617 %, 0.970 % in Estonia, 1.61 % in Lithuania and 2.84 % in Russia in 2018.

Latvia has been ranked 42nd 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, 31 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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