Insurance and financial services in Least developed countries
Least developed countries: Insurance and financial services was 8.4% in 2024. ▲ Rising
Insurance and financial services in Least developed countries, 1983–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Least developed countries recorded 8.4% for insurance and financial services in 2024. That is the highest value across all 38 years on record.
Compared with earlier readings it is up 19.8% on the previous year and up 60.6% over ten years.
Over the whole period, insurance and financial services in Least developed countries peaked at 8.4% in 2024 and was at its lowest, 3.2%, in 1995.
Least developed countries ranks 20th of 47 groups on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 38 years of available data.
Insurance and financial services in Least developed countries, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1983 | 4.7% | — |
| 1984 | 4.9% | +4.7% |
| 1985 | 4.5% | -8.5% |
| 1986 | 4.8% | +6.1% |
| 1987 | 4.5% | -5.6% |
| 1988 | 4.3% | -5.4% |
| 1989 | 4.3% | +1.4% |
| 1990 | 3.9% | -10.8% |
| 1991 | 3.9% | +2.1% |
| 1992 | 3.9% | -0.4% |
| 1993 | 3.7% | -6.4% |
| 1994 | 3.6% | -3.5% |
| 1995 | 3.2% | -9.5% |
| 1997 | 3.8% | +19.3% |
| 1998 | 4.3% | +11.1% |
| 2002 | 4.7% | +11.5% |
| 2003 | 5.6% | +18.0% |
| 2004 | 5.1% | -9.1% |
| 2005 | 5.3% | +3.6% |
| 2006 | 5.9% | +11.9% |
| 2007 | 5.5% | -7.4% |
| 2008 | 7.0% | +27.6% |
| 2009 | 4.8% | -30.7% |
| 2010 | 5.5% | +14.7% |
| 2011 | 4.1% | -26.6% |
| 2012 | 4.5% | +11.6% |
| 2013 | 5.5% | +20.9% |
| 2014 | 5.2% | -5.0% |
| 2015 | 5.1% | -1.3% |
| 2016 | 6.1% | +19.4% |
| 2017 | 7.1% | +16.2% |
| 2018 | 7.4% | +4.2% |
| 2019 | 6.7% | -9.5% |
| 2020 | 6.7% | -1.0% |
| 2021 | 7.1% | +5.9% |
| 2022 | 6.6% | -7.1% |
| 2023 | 7.0% | +6.6% |
| 2024 | 8.4% | +19.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 4.6% | 4.3% | 4.9% | 7 |
| 1990s | 3.8% | 3.2% | 4.3% | 8 |
| 2000s | 5.5% | 4.7% | 7.0% | 8 |
| 2010s | 5.7% | 4.1% | 7.4% | 10 |
| 2020s | 7.1% | 6.6% | 8.4% | 5 |
Countries ranked near Least developed countries
More economy & growth data for Least developed countries
- General government final consumption expenditure (current US$) 10.13 % change on previous year (2025)
- Households and NPISHs Final consumption expenditure (current US$) 0.7176 current US$ per US$ of GDP (2025)
- Households and NPISHs Final consumption expenditure (current US$) 5.27 % change on previous year (2025)
- General government final consumption expenditure (constant 2015 US$) 116.01 constant 2015 US$ per person (2025)
- General government final consumption expenditure (constant 2015 US$) 0.0852 constant 2015 US$ per US$ of GDP (2025)
- General government final consumption expenditure (constant 2015 US$) 5.81 % change on previous year (2025)
- General government final consumption expenditure (current US$), per 141.86 current US$ per person (2025)
- General government final consumption expenditure (current US$), per 0.1042 current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0002 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.2287 BoP, current US$ per person (2025)
Frequently asked questions
- What is insurance and financial services in Least developed countries?
- Insurance and financial services in Least developed countries was 8.4% 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 Least developed countries?
- The highest recorded value was 8.4% in 2024.
- What is the lowest insurance and financial services recorded in Least developed countries?
- The lowest recorded value was 3.2% in 1995.
- How does Least developed countries rank for insurance and financial services?
- Least developed countries ranks 20th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Least developed countries?
- Over the last ten years it is up 60.6%. The long-run trend across the full record is rising.
- Where does this Least developed countries 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.