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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 14.4 % in 2018 in Panama, according to the National Central Bank / OECD. This is 22.3 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Panama reached an all time high of 21.0 % in 2002 and an all time low of 5.42 % in 1992. When compared to Panama's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Colombia amounted to 15.8 %, 12.0 % in Costa Rica, 7.02 % in Honduras and 11.2 % in Nicaragua in 2018.

Panama has been ranked 18th 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, 9 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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