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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 4.98 % in 2018 in Saudi Arabia, according to the National Central Bank / OECD. This is 8.77 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Saudi Arabia reached an all time high of 14.4 % in 2006 and an all time low of 0.881 % in 1991. When compared to Saudi Arabia's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Iraq amounted to 17.1 % and 10.5 % in Jordan in 2018.

Saudi Arabia has been ranked 93rd 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, 6 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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