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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 1.63 % in 2018 in Madagascar, according to the National Central Bank / OECD. This is 14.7 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Madagascar reached an all time high of 5.04 % in 1977 and an all time low of 0.181 % in 2008. When compared to Madagascar's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Mozambique amounted to 5.84 %, 4.06 % in South Africa, 13.0 % in Swaziland and 2.63 % in Tanzania in 2018.

Madagascar has been ranked 146th 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, 13 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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