Insurance and financial services in Cayman Islands
Cayman Islands: Insurance and financial services was 30.2% in 2024. ▼ Falling
Insurance and financial services in Cayman Islands, 2016–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
The most recent figure for insurance and financial services in Cayman Islands is 30.2%, measured in 2024. That is the lowest value across all 9 years on record.
The figure is down 1.4% on the previous year and down 13.8% over ten years.
Over the whole period, insurance and financial services in Cayman Islands peaked at 40.5% in 2017 and was at its lowest, 30.2%, in 2024.
Cayman Islands ranks 3rd of 197 countries on this measure, in the top 10%.
Insurance and financial services in Cayman Islands, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 2016 | 35.1% | — |
| 2017 | 40.5% | +15.3% |
| 2018 | 37.0% | -8.7% |
| 2019 | 37.5% | +1.3% |
| 2020 | 38.7% | +3.3% |
| 2021 | 37.2% | -3.9% |
| 2022 | 30.7% | -17.5% |
| 2023 | 30.7% | +0.0% |
| 2024 | 30.2% | -1.4% |
Cayman Islands compared with similar countries
- Cayman Islands's 30.2% is above the median for high income countries, which is 6.2%, 4.9× the median. (72 countries reporting)
- Cayman Islands's 30.2% is above the median for Latin America & Caribbean, which is 10.1%, 3.0× the median. (37 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 37.5% | 35.1% | 40.5% | 4 |
| 2020s | 33.5% | 30.2% | 38.7% | 5 |
Countries ranked near Cayman Islands
- 1 Luxembourg 49.2% compare
- 2 Bahrain 35.0% compare
- 4 Libya 25.6% compare
- 5 Macau, China 21.3% compare
- 6 Gambia 19.8% compare
More economy & growth data for Cayman Islands
- Foreign direct investment, net inflows (BoP, current US$), annual -73.72 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 3.18 billion BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita -23,390 BoP, current US$ per person (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.2243 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), gaps -1.74 billion BoP, current US$ (2024)
- Inflation, GDP deflator 2.4% (2024)
- Total reserves 252.10 million includes gold, current US$ (2024)
- Services, value added 6.72 billion current US$ (2024)
- Services, value added 5.60 billion current LCU (2024)
- Services, value added 5.48 billion constant 2015 US$ (2024)
Frequently asked questions
- What is insurance and financial services in Cayman Islands?
- Insurance and financial services in Cayman Islands was 30.2% 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 Cayman Islands?
- The highest recorded value was 40.5% in 2017.
- What is the lowest insurance and financial services recorded in Cayman Islands?
- The lowest recorded value was 30.2% in 2024.
- How does Cayman Islands rank for insurance and financial services?
- Cayman Islands ranks 3rd out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Cayman Islands?
- Over the last ten years it is down 13.8%. The long-run trend across the full record is falling.
- Where does this Cayman 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 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.