Insurance and financial services in Cayman Islands
Cayman Islands: Insurance and financial services was 55.2% in 2024. ▲ Rising
Insurance and financial services in Cayman Islands, 2016–2024
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 Cayman Islands is 55.2%, measured in 2024.
That represents a change of down 0.4% on the previous year and up 5.6% over ten years.
Over the whole period, insurance and financial services in Cayman Islands peaked at 67.8% in 2021 and was at its lowest, 51.3%, in 2019.
That places Cayman Islands 3rd out of 190 countries with data for 2024, putting it in the top 10%.
Insurance and financial services in Cayman Islands, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 2016 | 52.2% | — |
| 2017 | 52.7% | +0.8% |
| 2018 | 52.1% | -1.1% |
| 2019 | 51.3% | -1.5% |
| 2020 | 63.3% | +23.4% |
| 2021 | 67.8% | +7.1% |
| 2022 | 57.2% | -15.6% |
| 2023 | 55.4% | -3.2% |
| 2024 | 55.2% | -0.4% |
Cayman Islands compared with similar countries
- Cayman Islands's 55.2% is above the median for high income countries, which is 5.3%, 10.5× the median. (69 countries reporting)
- Cayman Islands's 55.2% is above the median for Latin America & Caribbean, which is 2.7%, 20.4× the median. (35 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 52.1% | 51.3% | 52.7% | 4 |
| 2020s | 59.8% | 55.2% | 67.8% | 5 |
Countries ranked near Cayman Islands
- 1 Libya 94.1% compare
- 2 Luxembourg 59.8% compare
- 4 Sierra Leone 32.7% compare
- 5 Bahrain 31.3% compare
- 6 Liberia 30.3% compare
More economy & growth data for Cayman Islands
- Foreign direct investment, net inflows (BoP, current US$), annual -73.72 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 3.18 billion BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita -23,390 BoP, current US$ per person (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.2243 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), gaps -1.74 billion BoP, current US$ (2024)
- Services, value added 86.5% (2024)
- Industry (including construction), value added 7.6% (2024)
- Services, value added 6.72 billion current US$ (2024)
- Services, value added 5.60 billion current LCU (2024)
- Foreign direct investment, net inflows 40.9% (2024)
Frequently asked questions
- What is insurance and financial services in Cayman Islands?
- Insurance and financial services in Cayman Islands was 55.2% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Cayman Islands?
- The highest recorded value was 67.8% in 2021.
- What is the lowest insurance and financial services recorded in Cayman Islands?
- The lowest recorded value was 51.3% in 2019.
- How does Cayman Islands rank for insurance and financial services?
- Cayman Islands ranks 3rd out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Cayman Islands?
- Over the last ten years it is up 5.6%. The long-run trend across the full record is rising.
- Where does this Cayman Islands 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.
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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.