Insurance and financial services in Iceland
Iceland: Insurance and financial services was 6.2% in 2025. ▼ Falling
Insurance and financial services in Iceland, 1976–2025
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 Iceland is 6.2%, measured in 2025.
The figure is up 19.9% on the previous year and up 108.3% over ten years.
Over the whole period, insurance and financial services in Iceland peaked at 10.8% in 1976 and was at its lowest, 2.2%, in 2019.
Iceland ranks 100th of 197 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 36 years of available data.
Insurance and financial services in Iceland, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1976 | 10.8% | — |
| 1977 | 9.1% | -16.2% |
| 1978 | 6.4% | -30.0% |
| 1979 | 4.1% | -34.8% |
| 1980 | 4.1% | -1.7% |
| 1981 | 4.4% | +8.0% |
| 1982 | 4.1% | -5.6% |
| 1983 | 5.5% | +31.4% |
| 1984 | 4.8% | -11.5% |
| 1985 | 4.6% | -4.6% |
| 1986 | 6.2% | +33.8% |
| 1987 | 5.4% | -12.7% |
| 1988 | 7.0% | +31.0% |
| 1989 | 5.8% | -17.6% |
| 1990 | 2.7% | -53.0% |
| 1991 | 3.6% | +32.3% |
| 1992 | 3.0% | -18.0% |
| 1993 | 3.8% | +29.7% |
| 1994 | 5.0% | +31.4% |
| 2009 | 5.7% | +12.6% |
| 2010 | 9.0% | +58.5% |
| 2011 | 10.2% | +13.0% |
| 2012 | 8.8% | -13.2% |
| 2013 | 5.6% | -36.8% |
| 2014 | 4.1% | -26.9% |
| 2015 | 3.0% | -27.5% |
| 2016 | 3.2% | +7.0% |
| 2017 | 2.9% | -7.8% |
| 2018 | 2.2% | -24.5% |
| 2019 | 2.2% | -2.2% |
| 2020 | 3.1% | +44.6% |
| 2021 | 4.8% | +54.8% |
| 2022 | 4.3% | -9.8% |
| 2023 | 4.5% | +3.0% |
| 2024 | 5.1% | +14.7% |
| 2025 | 6.2% | +19.9% |
Iceland compared with similar countries
- Iceland's 6.2% is below the median for high income countries, which is 6.2%, 99% of the median. (72 countries reporting)
- Iceland's 6.2% is above the median for Europe & Central Asia, which is 5.2%, 1.2× the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 7.6% | 4.1% | 10.8% | 4 |
| 1980s | 5.2% | 4.1% | 7.0% | 10 |
| 1990s | 3.6% | 2.7% | 5.0% | 5 |
| 2000s | 5.7% | 5.7% | 5.7% | 1 |
| 2010s | 5.1% | 2.2% | 10.2% | 10 |
| 2020s | 4.7% | 3.1% | 6.2% | 6 |
Countries ranked near Iceland
More economy & growth data for Iceland
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.96 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.48 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -851.71 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0221 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -2,170 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -201.70 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -107.12 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0052 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita -514.02 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Iceland?
- Insurance and financial services in Iceland was 6.2% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Iceland?
- The highest recorded value was 10.8% in 1976.
- What is the lowest insurance and financial services recorded in Iceland?
- The lowest recorded value was 2.2% in 2019.
- How does Iceland rank for insurance and financial services?
- Iceland ranks 100th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in Iceland?
- Over the last ten years it is up 108.3%. The long-run trend across the full record is falling.
- Where does this Iceland 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
CSV · JSON — 36 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.