Insurance and financial services in Solomon Islands
Solomon Islands: Insurance and financial services was 0.9% in 2024. ◆ Volatile
Insurance and financial services in Solomon Islands, 1993–2024
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 Solomon Islands is 0.9%, measured in 2024.
That represents a change of down 4.9% on the previous year and up 1,368.2% over ten years.
Over the whole period, insurance and financial services in Solomon Islands peaked at 41.6% in 2000 and was at its lowest, 0.0%, in 2018.
Solomon Islands ranks 145th of 190 countries on this measure, 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 Solomon Islands, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1993 | 1.0% | — |
| 1994 | 0.4% | -62.0% |
| 1995 | 0.2% | -42.3% |
| 1996 | 0.7% | +250.7% |
| 1997 | 0.1% | -89.6% |
| 1998 | 20.8% | +27115.0% |
| 1999 | 34.3% | +64.8% |
| 2000 | 41.6% | +21.3% |
| 2001 | 34.3% | -17.5% |
| 2002 | 17.5% | -49.1% |
| 2003 | 4.0% | -77.2% |
| 2004 | 4.3% | +7.3% |
| 2005 | 1.7% | -59.4% |
| 2006 | 3.1% | +80.9% |
| 2007 | 2.2% | -28.5% |
| 2008 | 4.0% | +77.4% |
| 2009 | 9.1% | +129.1% |
| 2010 | 9.0% | -1.7% |
| 2011 | 8.2% | -8.6% |
| 2012 | 7.2% | -12.5% |
| 2013 | 0.4% | -94.3% |
| 2014 | 0.1% | -85.7% |
| 2015 | 1.1% | +1749.8% |
| 2016 | 1.0% | -5.5% |
| 2017 | 0.4% | -57.1% |
| 2018 | 0.0% | -92.7% |
| 2019 | 0.9% | +2731.9% |
| 2020 | 4.5% | +396.3% |
| 2021 | 2.5% | -43.8% |
| 2022 | 3.6% | +41.5% |
| 2023 | 0.9% | -74.8% |
| 2024 | 0.9% | -4.9% |
Solomon Islands compared with similar countries
- Solomon Islands's 0.9% is below the median for lower middle income countries, which is 1.6%, 52% of the median. (46 countries reporting)
- Solomon Islands's 0.9% is below the median for East Asia & Pacific, which is 1.3%, 64% of the median. (29 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Solomon Islands 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 |
|---|---|---|---|
| 1998 | +27115.0% | 0.1% | 20.8% |
| 2019 | +2731.9% | 0.0% | 0.9% |
| 2015 | +1749.8% | 0.1% | 1.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 8.2% | 0.1% | 34.3% | 7 |
| 2000s | 12.2% | 1.7% | 41.6% | 10 |
| 2010s | 2.8% | 0.0% | 9.0% | 10 |
| 2020s | 2.5% | 0.9% | 4.5% | 5 |
Countries ranked near Solomon Islands
- 142 Belarus 1.0% compare
- 143 Tanzania, United Republic of 0.9% compare
- 144 French Polynesia 0.9% compare
- 146 Nicaragua 0.8% compare
- 147 Faroe Islands 0.8% compare
- 148 Nepal 0.8% compare
More economy & growth data for Solomon Islands
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 0.9064 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.96 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 52.88 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0334 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 64.55 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 32.97 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -58.21 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0208 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 40.24 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -0.3505 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Solomon Islands?
- Insurance and financial services in Solomon Islands was 0.9% 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 Solomon Islands?
- The highest recorded value was 41.6% in 2000.
- What is the lowest insurance and financial services recorded in Solomon Islands?
- The lowest recorded value was 0.0% in 2018.
- How does Solomon Islands rank for insurance and financial services?
- Solomon Islands ranks 145th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Solomon Islands?
- Over the last ten years it is up 1,368.2%. The long-run trend across the full record is volatile.
- Where does this Solomon 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.