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

Insurance and financial services as a percentage of service exports from the balance of payment reached 7.45 % in 2018 in South Africa, according to the National Central Bank / OECD. This is 4.66 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in South Africa reached an all time high of 12.8 % in 1967 and an all time low of 4.30 % in 2003. When compared to South Africa's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Botswana amounted to 1.00 %, 0.103 % in Lesotho, 4.48 % in Namibia and 17.2 % in Swaziland in 2018.

South Africa has been ranked 39th 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, 6 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.