Insurance and financial services in Bermuda
Bermuda: Insurance and financial services was 17.6% in 2023. ▲ Rising
Insurance and financial services in Bermuda, 2006–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2023, insurance and financial services in Bermuda stood at 17.6%.
That represents a change of down 3.5% on the previous year and down 8.0% over ten years.
Over the whole period, insurance and financial services in Bermuda peaked at 20.0% in 2012 and was at its lowest, 10.7%, in 2006.
Bermuda ranks 13th of 197 countries on this measure, in the top 10%.
The long-run direction has been consistently rising across the 18 years of available data.
Insurance and financial services in Bermuda, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 2006 | 10.7% | — |
| 2007 | 14.3% | +33.8% |
| 2008 | 12.2% | -14.6% |
| 2009 | 14.9% | +22.0% |
| 2010 | 13.7% | -8.6% |
| 2011 | 17.1% | +25.2% |
| 2012 | 20.0% | +17.0% |
| 2013 | 19.1% | -4.5% |
| 2014 | 19.1% | -0.1% |
| 2015 | 13.1% | -31.6% |
| 2016 | 14.0% | +7.1% |
| 2017 | 13.2% | -5.3% |
| 2018 | 15.4% | +16.3% |
| 2019 | 14.3% | -7.0% |
| 2020 | 19.4% | +35.7% |
| 2021 | 19.0% | -2.1% |
| 2022 | 18.2% | -4.1% |
| 2023 | 17.6% | -3.5% |
Bermuda compared with similar countries
- Bermuda's 17.6% is above the median for high income countries, which is 6.2%, 2.8× the median. (72 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 13.1% | 10.7% | 14.9% | 4 |
| 2010s | 15.9% | 13.1% | 20.0% | 10 |
| 2020s | 18.6% | 17.6% | 19.4% | 4 |
Countries ranked near Bermuda
- 10 Saint Kitts and Nevis 18.4% compare
- 11 Congo, Democratic Republic of the 18.2% compare
- 12 Trinidad and Tobago 17.9% compare
- 14 Panama 17.5% compare
- 15 Cyprus 17.0% compare
- 16 Burkina Faso 16.1% compare
More economy & growth data for Bermuda
- General government final consumption expenditure (current LCU), per 0.1072 current LCU per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), gaps 33.80 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0037 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 522.99 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 117.84 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -21.86 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0128 BoP, current US$ per US$ of GDP (2024)
- General government final consumption expenditure (current LCU) 4.44 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 15,245 current US$ per person (2024)
- General government final consumption expenditure (current US$), per 0.1072 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is insurance and financial services in Bermuda?
- Insurance and financial services in Bermuda was 17.6% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Bermuda?
- The highest recorded value was 20.0% in 2012.
- What is the lowest insurance and financial services recorded in Bermuda?
- The lowest recorded value was 10.7% in 2006.
- How does Bermuda rank for insurance and financial services?
- Bermuda ranks 13th out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Bermuda?
- Over the last ten years it is down 8.0%. The long-run trend across the full record is rising.
- Where does this Bermuda 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.
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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.