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

Source: World Bank
Last Updated: Oct 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 5.19 % in 2020 in South Korea, according to the National Central Bank / OECD. This is 48.1 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in South Korea reached an all time high of 5.37 % in 1976 and an all time low of % in. When compared to South Korea's main peers, insurance and financial services as a percentage of service exports from the balance of payment in China amounted to 4.10 % and 11.1 % in Japan in 2020.

South Korea has been ranked 34th 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, 39 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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