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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 3.26 % in 2018 in Turkey, according to the National Central Bank / OECD. This is 3.66 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Turkey reached an all time high of 4.30 % in 2008 and an all time low of 0.356 % in 1979. When compared to Turkey's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Bulgaria amounted to 6.11 %, 1.39 % in Greece and 0.716 % in Iraq in 2018.

Turkey has been ranked 65th 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, 17 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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