Insurance and financial services in Hong Kong
Hong Kong: Insurance and financial services was 26.9% in 2024. ▲ Rising
Insurance and financial services in Hong Kong, 1998–2024
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 Hong Kong is 26.9%, measured in 2024.
Compared with earlier readings it is down 1.6% on the previous year and up 52.2% over ten years.
Over the whole period, insurance and financial services in Hong Kong peaked at 34.2% in 2020 and was at its lowest, 12.1%, in 1998.
That places Hong Kong 7th out of 190 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently rising across the 27 years of available data.
Insurance and financial services in Hong Kong, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1998 | 12.1% | — |
| 1999 | 15.3% | +27.3% |
| 2000 | 15.8% | +3.2% |
| 2001 | 16.5% | +3.9% |
| 2002 | 14.4% | -12.7% |
| 2003 | 12.6% | -12.4% |
| 2004 | 12.4% | -1.3% |
| 2005 | 14.3% | +15.2% |
| 2006 | 17.9% | +24.8% |
| 2007 | 20.4% | +14.1% |
| 2008 | 18.0% | -11.6% |
| 2009 | 18.4% | +2.2% |
| 2010 | 17.3% | -6.0% |
| 2011 | 16.7% | -3.7% |
| 2012 | 16.7% | +0.4% |
| 2013 | 16.7% | -0.0% |
| 2014 | 17.7% | +5.5% |
| 2015 | 19.6% | +11.2% |
| 2016 | 19.6% | -0.4% |
| 2017 | 20.7% | +5.9% |
| 2018 | 20.9% | +1.1% |
| 2019 | 22.6% | +7.8% |
| 2020 | 34.2% | +51.7% |
| 2021 | 31.7% | -7.4% |
| 2022 | 32.7% | +3.1% |
| 2023 | 27.3% | -16.4% |
| 2024 | 26.9% | -1.6% |
Hong Kong compared with similar countries
- Hong Kong's 26.9% is above the median for high income countries, which is 5.3%, 5.1× the median. (69 countries reporting)
- Hong Kong's 26.9% is above the median for East Asia & Pacific, which is 1.3%, 19.9× the median. (29 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 13.7% | 12.1% | 15.3% | 2 |
| 2000s | 16.1% | 12.4% | 20.4% | 10 |
| 2010s | 18.9% | 16.7% | 22.6% | 10 |
| 2020s | 30.6% | 26.9% | 34.2% | 5 |
Countries ranked near Hong Kong
- 4 Sierra Leone 32.7% compare
- 5 Bahrain 31.3% compare
- 6 Liberia 30.3% compare
- 8 United Kingdom 25.0% compare
- 9 Nigeria 22.8% compare
- 10 Switzerland 21.0% compare
More economy & growth data for Hong Kong
- Foreign direct investment, net outflows (BoP, current US$), gaps 80.54 billion BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.1972 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 10,704 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 125.82 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 3.14 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.3081 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 16,722 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 0.3594 % change on previous year (2023)
- Total reserves (includes gold, current US$), per unit of GDP 1.12 includes gold, current US$ per US$ of GDP (2023)
- Total reserves (includes gold, current US$), per capita 56,469 includes gold, current US$ per person (2023)
Frequently asked questions
- What is insurance and financial services in Hong Kong?
- Insurance and financial services in Hong Kong was 26.9% 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 Hong Kong?
- The highest recorded value was 34.2% in 2020.
- What is the lowest insurance and financial services recorded in Hong Kong?
- The lowest recorded value was 12.1% in 1998.
- How does Hong Kong rank for insurance and financial services?
- Hong Kong ranks 7th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Hong Kong?
- Over the last ten years it is up 52.2%. The long-run trend across the full record is rising.
- Where does this Hong Kong 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.