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Insurance and Financial Services (As % of Service Imports, BoP) in Cyprus

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 22.2 % in 2018 in Cyprus, according to the National Central Bank / OECD. This is 10.8 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Cyprus reached an all time high of 28.5 % in 2016 and an all time low of 0.283 % in 1984. When compared to Cyprus's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Egypt amounted to 10.7 %, 7.95 % in Greece, 1.93 % in Israel and 10.6 % in Turkey in 2018.

Cyprus has been ranked 6th within the group of 158 countries we follow in terms of insurance and financial services as a percentage of service imports from the balance of payment, 1 places above the position seen 10 years ago.

Insurance and financial services (% of service imports, BoP) cover various types of insurance provided to residents by non-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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