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

Source: World Bank
Last Updated: Oct 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 7.78 % in 2020 in Singapore, according to the National Central Bank / OECD. This is 35.4 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Singapore reached an all time high of 10.6 % in 1995 and an all time low of % in. When compared to Singapore's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Indonesia amounted to 7.91 %, 8.62 % in Malaysia, 9.53 % in Philippines and 7.50 % in Thailand in 2020.

Singapore has been ranked 45th within the group of 96 countries we follow in terms of insurance and financial services as a percentage of service imports from the balance of payment, 54 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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