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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 17.2 % in 2018 in Singapore, according to the National Central Bank / OECD. This is 2.24 % less 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 18.0 % in 1997 and an all time low of 0.407 % in 1972. 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 2.63 %, 2.29 % in Malaysia, 0.952 % in Philippines and 1.17 % in Thailand in 2018.

Singapore has been ranked 17th 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, 2 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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