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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 2.84 % in 2018 in Russia, according to the National Central Bank / OECD. This is 21.2 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Russia reached an all time high of 3.54 % in 2007 and an all time low of 0.634 % in 1996. When compared to Russia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in China amounted to 3.54 %, 10.8 % in Germany, 7.05 % in Japan and 17.4 % in USA in 2018.

Russia has been ranked 69th 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, 4 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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