Insurance and financial services in Papua New Guinea
Papua New Guinea: Insurance and financial services was 0.1% in 2024. ◆ Volatile
Insurance and financial services in Papua New Guinea, 1976–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
Papua New Guinea recorded 0.1% for insurance and financial services in 2024. That is the lowest value across all 49 years on record.
Compared with earlier readings it is down 93.6% on the previous year and down 99.1% over ten years.
Over the whole period, insurance and financial services in Papua New Guinea peaked at 21.3% in 2019 and was at its lowest, 0.1%, in 2024.
That places Papua New Guinea 182nd out of 190 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Papua New Guinea, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1976 | 0.5% | — |
| 1977 | 1.0% | +125.7% |
| 1978 | 1.5% | +42.1% |
| 1979 | 0.9% | -38.3% |
| 1980 | 1.0% | +6.7% |
| 1981 | 0.5% | -43.5% |
| 1982 | 0.6% | +4.1% |
| 1983 | 0.7% | +22.5% |
| 1984 | 0.9% | +24.1% |
| 1985 | 1.4% | +66.2% |
| 1986 | 1.3% | -9.0% |
| 1987 | 1.0% | -20.3% |
| 1988 | 0.9% | -16.7% |
| 1989 | 0.6% | -26.5% |
| 1990 | 0.5% | -28.2% |
| 1991 | 0.6% | +30.6% |
| 1992 | 0.8% | +32.1% |
| 1993 | 0.9% | +16.4% |
| 1994 | 1.8% | +91.6% |
| 1995 | 1.2% | -31.8% |
| 1996 | 3.1% | +160.3% |
| 1997 | 3.9% | +23.5% |
| 1998 | 2.2% | -42.6% |
| 1999 | 3.8% | +71.3% |
| 2000 | 1.8% | -51.4% |
| 2001 | 1.8% | -0.2% |
| 2002 | 1.5% | -17.5% |
| 2003 | 5.2% | +241.9% |
| 2004 | 7.3% | +40.1% |
| 2005 | 5.1% | -29.4% |
| 2006 | 1.5% | -69.9% |
| 2007 | 5.4% | +251.5% |
| 2008 | 3.9% | -27.6% |
| 2009 | 6.3% | +61.0% |
| 2010 | 2.4% | -62.1% |
| 2011 | 4.7% | +95.3% |
| 2012 | 2.6% | -44.6% |
| 2013 | 3.5% | +34.9% |
| 2014 | 7.9% | +124.7% |
| 2015 | 4.1% | -47.6% |
| 2016 | 2.3% | -44.0% |
| 2017 | 3.5% | +53.3% |
| 2018 | 9.8% | +176.1% |
| 2019 | 21.3% | +116.9% |
| 2020 | 3.8% | -81.9% |
| 2021 | 1.5% | -60.1% |
| 2022 | 1.5% | -3.2% |
| 2023 | 1.2% | -21.9% |
| 2024 | 0.1% | -93.6% |
Papua New Guinea compared with similar countries
- Papua New Guinea's 0.1% is below the median for lower middle income countries, which is 1.6%, 5% of the median. (46 countries reporting)
- Papua New Guinea's 0.1% is below the median for East Asia & Pacific, which is 1.3%, 6% of the median. (29 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.0% | 0.5% | 1.5% | 4 |
| 1980s | 0.9% | 0.5% | 1.4% | 10 |
| 1990s | 1.9% | 0.5% | 3.9% | 10 |
| 2000s | 4.0% | 1.5% | 7.3% | 10 |
| 2010s | 6.2% | 2.3% | 21.3% | 10 |
| 2020s | 1.6% | 0.1% | 3.8% | 5 |
Countries ranked near Papua New Guinea
More economy & growth data for Papua New Guinea
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.47 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.11 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 769.57 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.025 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 72.76 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -198.32 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -557.97 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0064 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita -18.75 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -4.93 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Papua New Guinea?
- Insurance and financial services in Papua New Guinea was 0.1% 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 Papua New Guinea?
- The highest recorded value was 21.3% in 2019.
- What is the lowest insurance and financial services recorded in Papua New Guinea?
- The lowest recorded value was 0.1% in 2024.
- How does Papua New Guinea rank for insurance and financial services?
- Papua New Guinea ranks 182nd out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Papua New Guinea?
- Over the last ten years it is down 99.1%. The long-run trend across the full record is volatile.
- Where does this Papua New Guinea 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
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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.