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

Insurance and financial services as a percentage of service imports from the balance of payment reached 8.01 % in 2016 in Georgia, according to the National Central Bank / OECD. This is 11.1 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Georgia reached an all time high of 13.5 % in 2008 and an all time low of 4.02 % in 1999. When compared to Georgia's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Armenia amounted to 3.67 %, 1.73 % in Azerbaijan, 4.03 % in Russia and 14.6 % in Turkey in 2016.

Georgia has been ranked 63rd within the group of 160 countries we follow in terms of insurance and financial services as a percentage of service imports from the balance of payment, 39 places behind 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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