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

Insurance and financial services as a percentage of service exports from the balance of payment reached 41.2 % in 2014 in Libya, according to the National Central Bank / OECD. This is 54.1 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Libya reached an all time high of 89.6 % in 2015 and an all time low of 2.21 % in 2008. When compared to Libya's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Algeria amounted to 9.13 %, 1.17 % in Egypt and 2.90 % in Tunisia in 2014.

Libya has been ranked 4th 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, 7 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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