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

Insurance and financial services as a percentage of service exports from the balance of payment reached 2.53 % in 2017 in Russia, according to the National Central Bank / OECD. This is 17.5 % less 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 3.62 %, 11.4 % in Germany, 6.81 % in Japan and 16.0 % in USA in 2017.

Russia has been ranked 77th 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, 23 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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