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

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 5.79 % in 2018 in Singapore, according to the National Central Bank / OECD. This is 10.9 % less 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 3.24 % in 1985. 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 4.90 %, 6.92 % in Malaysia, 7.58 % in Philippines and 6.07 % in Thailand in 2018.

Singapore has been ranked 80th 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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