Insurance and Financial Services (As % of Service Exports, BoP) in Papua New Guinea

Insurance and financial services as a percentage of service exports from the balance of payment reached 4.54 % in 2017 in Papua New Guinea, according to the National Central Bank / OECD. This is 1.53 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Papua New Guinea reached an all time high of 7.82 % in 2014 and an all time low of 0.458 % in 1976. When compared to Papua New Guinea's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Australia amounted to 5.65 %, 2.85 % in Indonesia, 4.41 % in New Zealand and 0.926 % in Philippines in 2017.

Papua New Guinea has been ranked 44th within the group of 149 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 15 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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