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

Insurance and financial services as a percentage of service exports from the balance of payment reached 1.40 % in 2016 in Venezuela, according to the National Central Bank / OECD. This is 20.5 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Venezuela reached an all time high of 16.9 % in 1982 and an all time low of 0.074 % in 2005. When compared to Venezuela's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Brazil amounted to 4.57 %, 0.912 % in Colombia, 8.33 % in Guyana and 12.3 % in Trinidad and Tobago in 2016.

Venezuela has been ranked 107th within the group of 154 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 29 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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