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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 8.76 % in 2018 in European Union, according to the National Central Bank / OECD. This is 5.53 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in European Union reached an all time high of 10.2 % in 1992 and an all time low of 3.86 % in 1976. When compared to European Union's main peers, insurance and financial services as a percentage of service imports from the balance of payment in China amounted to 2.59 %, 7.47 % in Japan, 3.00 % in Russia and 14.8 % in USA in 2018.

European Union has been ranked 50th 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, 2 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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