Insurance and financial services in Bermuda
Bermuda: Insurance and financial services was 19.3% in 2023. ▲ Rising
Insurance and financial services in Bermuda, 2006–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
The most recent figure for insurance and financial services in Bermuda is 19.3%, measured in 2023.
That represents a change of down 11.3% on the previous year and up 3.2% over ten years.
Over the whole period, insurance and financial services in Bermuda peaked at 26.7% in 2021 and was at its lowest, 15.5%, in 2006.
That places Bermuda 14th out of 190 countries with data for 2023, putting it in the top 10%.
The long-run direction has been consistently rising across the 18 years of available data.
Insurance and financial services in Bermuda, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 2006 | 15.5% | — |
| 2007 | 18.8% | +21.7% |
| 2008 | 18.9% | +0.3% |
| 2009 | 16.7% | -11.6% |
| 2010 | 18.5% | +10.8% |
| 2011 | 17.9% | -3.4% |
| 2012 | 19.6% | +9.4% |
| 2013 | 18.7% | -4.6% |
| 2014 | 21.2% | +13.7% |
| 2015 | 19.5% | -7.9% |
| 2016 | 18.9% | -3.2% |
| 2017 | 17.8% | -6.1% |
| 2018 | 18.2% | +2.3% |
| 2019 | 17.0% | -6.6% |
| 2020 | 26.6% | +57.0% |
| 2021 | 26.7% | +0.4% |
| 2022 | 21.7% | -18.9% |
| 2023 | 19.3% | -11.3% |
Bermuda compared with similar countries
- Bermuda's 19.3% is above the median for high income countries, which is 5.3%, 3.7× the median. (69 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Bermuda changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2020 | +57.0% | 17.0% | 26.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 17.5% | 15.5% | 18.9% | 4 |
| 2010s | 18.7% | 17.0% | 21.2% | 10 |
| 2020s | 23.6% | 19.3% | 26.7% | 4 |
Countries ranked near Bermuda
- 11 Guinea-Bissau 20.7% compare
- 12 United States of America 19.8% compare
- 13 Cyprus 19.6% compare
- 15 Haiti 19.1% compare
- 16 Burkina Faso 15.4% compare
- 17 Singapore 15.2% compare
More economy & growth data for Bermuda
- General government final consumption expenditure (current LCU), per 0.1072 current LCU per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), gaps 33.80 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0037 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 522.99 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 117.84 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -21.86 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0128 BoP, current US$ per US$ of GDP (2024)
- General government final consumption expenditure (current LCU) 4.44 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 15,245 current US$ per person (2024)
- General government final consumption expenditure (current US$), per 0.1072 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is insurance and financial services in Bermuda?
- Insurance and financial services in Bermuda was 19.3% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Bermuda?
- The highest recorded value was 26.7% in 2021.
- What is the lowest insurance and financial services recorded in Bermuda?
- The lowest recorded value was 15.5% in 2006.
- How does Bermuda rank for insurance and financial services?
- Bermuda ranks 14th out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Bermuda?
- Over the last ten years it is up 3.2%. The long-run trend across the full record is rising.
- Where does this Bermuda data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service exports, BoP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 18 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.