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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service imports from the balance of payment reached 4.06 % in 2018 in South Africa, according to the National Central Bank / OECD. This is 1.93 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in South Africa reached an all time high of 16.2 % in 1962 and an all time low of 3.36 % in 2010. When compared to South Africa's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Botswana amounted to 1.51 %, 2.74 % in Lesotho, 3.81 % in Namibia and 13.0 % in Swaziland in 2018.

South Africa has been ranked 105th 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, 1 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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