Insurance and financial services in Iraq
Iraq: Insurance and financial services was 19.1% in 2024. ▼ Falling
Insurance and financial services in Iraq, 2005–2024
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 Iraq is 19.1%, measured in 2024.
Compared with earlier readings it is up 16.4% on the previous year and up 1.1% over ten years.
Over the whole period, insurance and financial services in Iraq peaked at 29.2% in 2009 and was at its lowest, 15.2%, in 2022.
That places Iraq 9th out of 197 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently falling across the 20 years of available data.
Insurance and financial services in Iraq, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 2005 | 16.1% | — |
| 2006 | 17.8% | +10.6% |
| 2007 | 23.9% | +34.0% |
| 2008 | 26.8% | +12.2% |
| 2009 | 29.2% | +9.0% |
| 2010 | 28.1% | -3.8% |
| 2011 | 27.3% | -2.9% |
| 2012 | 26.7% | -1.9% |
| 2013 | 22.0% | -17.6% |
| 2014 | 18.9% | -14.3% |
| 2015 | 17.3% | -8.2% |
| 2016 | 15.4% | -11.5% |
| 2017 | 15.5% | +1.2% |
| 2018 | 17.1% | +9.7% |
| 2019 | 16.5% | -3.2% |
| 2020 | 23.2% | +40.4% |
| 2021 | 16.0% | -30.8% |
| 2022 | 15.2% | -5.4% |
| 2023 | 16.4% | +8.1% |
| 2024 | 19.1% | +16.4% |
Iraq compared with similar countries
- Iraq's 19.1% is above the median for upper middle income countries, which is 6.2%, 3.1× the median. (55 countries reporting)
- Iraq's 19.1% is above the median for Middle East, North Africa, Afghanistan & Pakistan, which is 6.5%, 2.9× the median. (22 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 22.7% | 16.1% | 29.2% | 5 |
| 2010s | 20.5% | 15.4% | 28.1% | 10 |
| 2020s | 18.0% | 15.2% | 23.2% | 5 |
Countries ranked near Iraq
- 6 Gambia 19.8% compare
- 7 United States of America 19.7% compare
- 8 Tajikistan 19.1% compare
- 10 Saint Kitts and Nevis 18.4% compare
- 11 Congo, Democratic Republic of the 18.2% compare
- 12 Trinidad and Tobago 17.9% compare
More economy & growth data for Iraq
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.44 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.56 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 438.70 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0016 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 9.53 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -7.65 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -42.61 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0274 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita -166.13 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -10.28 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Iraq?
- Insurance and financial services in Iraq was 19.1% 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 Iraq?
- The highest recorded value was 29.2% in 2009.
- What is the lowest insurance and financial services recorded in Iraq?
- The lowest recorded value was 15.2% in 2022.
- How does Iraq rank for insurance and financial services?
- Iraq ranks 9th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Iraq?
- Over the last ten years it is up 1.1%. The long-run trend across the full record is falling.
- Where does this Iraq 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.