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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 3.00 % in 2018 in Russia, according to the National Central Bank / OECD. This is 13.0 % less than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Russia reached an all time high of 6.18 % in 2007 and an all time low of 0.358 % in 1995. When compared to Russia's main peers, insurance and financial services as a percentage of service imports from the balance of payment in China amounted to 2.59 %, 5.80 % in Germany, 7.47 % in Japan and 14.8 % in USA in 2018.

Russia has been ranked 125th 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, 41 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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