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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 2.29 % in 2018 in Malaysia, according to the National Central Bank / OECD. This is 0.190 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Malaysia reached an all time high of 2.57 % in 2001 and an all time low of 0.044 % in 1984. When compared to Malaysia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Cambodia amounted to 0.331 %, 17.2 % in Singapore and 1.17 % in Thailand in 2018.

Malaysia has been ranked 78th 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, 23 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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