Insurance and financial services in Bahamas
Bahamas: Insurance and financial services was 11.3% in 2024. ◆ Volatile
Insurance and financial services in Bahamas, 1976–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2024, insurance and financial services in Bahamas stood at 11.3%.
The figure is down 8.2% on the previous year and up 35.5% over ten years.
Over the whole period, insurance and financial services in Bahamas peaked at 16.4% in 2021 and was at its lowest, 1.1%, in 1977.
That places Bahamas 37th out of 197 countries with data for 2024, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Bahamas, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1976 | 1.5% | — |
| 1977 | 1.1% | -30.9% |
| 1978 | 1.4% | +34.6% |
| 1979 | 1.5% | +5.0% |
| 1980 | 1.5% | +1.6% |
| 1981 | 1.4% | -10.9% |
| 1982 | 1.2% | -8.1% |
| 1983 | 1.3% | +3.4% |
| 1984 | 1.5% | +15.5% |
| 1985 | 1.7% | +14.0% |
| 1986 | 1.8% | +4.8% |
| 1987 | 1.6% | -7.1% |
| 1988 | 1.5% | -6.0% |
| 1989 | 5.0% | +224.4% |
| 1990 | 4.8% | -4.0% |
| 1991 | 5.2% | +8.9% |
| 1992 | 6.0% | +13.5% |
| 1993 | 9.1% | +52.0% |
| 1994 | 11.5% | +26.6% |
| 1995 | 11.6% | +1.6% |
| 1996 | 10.1% | -13.4% |
| 1997 | 7.8% | -23.2% |
| 1998 | 6.0% | -22.3% |
| 1999 | 6.4% | +7.0% |
| 2000 | 7.2% | +12.0% |
| 2001 | 8.6% | +18.8% |
| 2002 | 9.1% | +6.3% |
| 2003 | 9.7% | +6.1% |
| 2004 | 6.6% | -31.6% |
| 2005 | 7.5% | +13.7% |
| 2006 | 7.5% | -0.5% |
| 2007 | 6.8% | -9.6% |
| 2008 | 7.6% | +12.1% |
| 2009 | 7.7% | +1.9% |
| 2010 | 14.0% | +80.8% |
| 2011 | 14.4% | +2.8% |
| 2012 | 12.6% | -12.4% |
| 2013 | 9.7% | -23.0% |
| 2014 | 8.3% | -14.2% |
| 2015 | 11.1% | +33.4% |
| 2016 | 8.5% | -23.2% |
| 2017 | 6.3% | -26.2% |
| 2018 | 8.6% | +36.0% |
| 2019 | 7.9% | -8.1% |
| 2020 | 11.1% | +40.8% |
| 2021 | 16.4% | +48.4% |
| 2022 | 13.8% | -16.2% |
| 2023 | 12.3% | -10.8% |
| 2024 | 11.3% | -8.2% |
Bahamas compared with similar countries
- Bahamas's 11.3% is above the median for high income countries, which is 6.2%, 1.8× the median. (72 countries reporting)
- Bahamas's 11.3% is above the median for Latin America & Caribbean, which is 10.1%, 1.1× the median. (37 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Bahamas 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 |
|---|---|---|---|
| 1989 | +224.4% | 1.5% | 5.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.4% | 1.1% | 1.5% | 4 |
| 1980s | 1.9% | 1.2% | 5.0% | 10 |
| 1990s | 7.8% | 4.8% | 11.6% | 10 |
| 2000s | 7.8% | 6.6% | 9.7% | 10 |
| 2010s | 10.1% | 6.3% | 14.4% | 10 |
| 2020s | 13.0% | 11.1% | 16.4% | 5 |
Countries ranked near Bahamas
More economy & growth data for Bahamas
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 0.9419 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 1.5 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 162.94 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0103 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 406.05 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 240.55 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -25.4 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0152 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 599.46 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 4.79 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Bahamas?
- Insurance and financial services in Bahamas was 11.3% 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 Bahamas?
- The highest recorded value was 16.4% in 2021.
- What is the lowest insurance and financial services recorded in Bahamas?
- The lowest recorded value was 1.1% in 1977.
- How does Bahamas rank for insurance and financial services?
- Bahamas ranks 37th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Bahamas?
- Over the last ten years it is up 35.5%. The long-run trend across the full record is volatile.
- Where does this Bahamas 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 imports, 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 imports which are services provided by non-residents to residents.