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

Source: World Bank
Last Updated: Oct 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 20.4 % in 2020 in Singapore, according to the National Central Bank / OECD. This is 19.8 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Singapore reached an all time high of 20.4 % in 2020 and an all time low of % in. When compared to Singapore's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Indonesia amounted to 5.20 %, 4.73 % in Malaysia, 0.515 % in Philippines and 2.92 % in Thailand in 2020.

Singapore has been ranked 10th within the group of 94 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 5 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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