Insurance and financial services in Jamaica
Jamaica: Insurance and financial services was 6.2% in 2024. ▼ Falling
Insurance and financial services in Jamaica, 1976–2024
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 Jamaica is 6.2%, measured in 2024.
That represents a change of up 19.4% on the previous year and down 35.5% over ten years.
Over the whole period, insurance and financial services in Jamaica peaked at 16.0% in 1977 and was at its lowest, 4.5%, in 1999.
That places Jamaica 99th out of 197 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 49 years of available data.
Insurance and financial services in Jamaica, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1976 | 13.2% | — |
| 1977 | 16.0% | +20.7% |
| 1978 | 14.2% | -10.7% |
| 1979 | 12.4% | -13.0% |
| 1980 | 11.8% | -4.7% |
| 1981 | 11.5% | -2.9% |
| 1982 | 11.0% | -4.3% |
| 1983 | 10.5% | -4.7% |
| 1984 | 8.2% | -22.0% |
| 1985 | 8.1% | -0.7% |
| 1986 | 9.5% | +17.7% |
| 1987 | 8.5% | -10.5% |
| 1988 | 6.9% | -18.8% |
| 1989 | 6.0% | -13.6% |
| 1990 | 6.4% | +6.7% |
| 1991 | 6.6% | +3.6% |
| 1992 | 6.1% | -7.2% |
| 1993 | 7.1% | +16.1% |
| 1994 | 8.5% | +19.4% |
| 1995 | 8.9% | +4.8% |
| 1996 | 7.6% | -15.0% |
| 1997 | 6.4% | -14.8% |
| 1998 | 5.8% | -10.2% |
| 1999 | 4.5% | -22.1% |
| 2000 | 7.4% | +64.5% |
| 2001 | 8.2% | +10.2% |
| 2002 | 8.5% | +4.2% |
| 2003 | 7.2% | -15.9% |
| 2004 | 9.1% | +27.0% |
| 2005 | 9.8% | +7.3% |
| 2006 | 10.4% | +7.0% |
| 2007 | 10.3% | -1.3% |
| 2008 | 10.0% | -2.9% |
| 2009 | 10.7% | +6.6% |
| 2010 | 10.9% | +2.6% |
| 2011 | 9.4% | -13.7% |
| 2012 | 9.5% | +0.4% |
| 2013 | 8.4% | -11.2% |
| 2014 | 9.6% | +13.7% |
| 2015 | 8.9% | -7.4% |
| 2016 | 8.9% | +0.4% |
| 2017 | 7.4% | -16.7% |
| 2018 | 7.3% | -1.1% |
| 2019 | 6.8% | -7.3% |
| 2020 | 9.4% | +38.8% |
| 2021 | 5.6% | -41.1% |
| 2022 | 6.0% | +7.6% |
| 2023 | 5.2% | -13.6% |
| 2024 | 6.2% | +19.4% |
Jamaica compared with similar countries
- Jamaica's 6.2% is above the median for upper middle income countries, which is 6.2%, 1.0× the median. (55 countries reporting)
- Jamaica's 6.2% is below the median for Latin America & Caribbean, which is 10.1%, 61% of the median. (37 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 14.0% | 12.4% | 16.0% | 4 |
| 1980s | 9.2% | 6.0% | 11.8% | 10 |
| 1990s | 6.8% | 4.5% | 8.9% | 10 |
| 2000s | 9.2% | 7.2% | 10.7% | 10 |
| 2010s | 8.7% | 6.8% | 10.9% | 10 |
| 2020s | 6.5% | 5.2% | 9.4% | 5 |
Countries ranked near Jamaica
More economy & growth data for Jamaica
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.76 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 1.6 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 1.07 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.3763 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 305.08 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -38.04 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0139 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 107.45 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 11.9 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Jamaica?
- Insurance and financial services in Jamaica was 6.2% 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 Jamaica?
- The highest recorded value was 16.0% in 1977.
- What is the lowest insurance and financial services recorded in Jamaica?
- The lowest recorded value was 4.5% in 1999.
- How does Jamaica rank for insurance and financial services?
- Jamaica ranks 99th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Jamaica?
- Over the last ten years it is down 35.5%. The long-run trend across the full record is falling.
- Where does this Jamaica 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.