Insurance and financial services in Malaysia
Malaysia: Insurance and financial services was 5.9% in 2024. ▲ Rising
Insurance and financial services in Malaysia, 1999–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Malaysia recorded 5.9% for insurance and financial services in 2024.
That represents a change of down 4.2% on the previous year and down 16.1% over ten years.
Over the whole period, insurance and financial services in Malaysia peaked at 8.5% in 2020 and was at its lowest, 2.8%, in 2000.
That places Malaysia 106th out of 197 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 26 years of available data.
Insurance and financial services in Malaysia, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1999 | 3.0% | — |
| 2000 | 2.8% | -7.0% |
| 2001 | 3.2% | +16.3% |
| 2002 | 3.3% | +1.1% |
| 2003 | 3.4% | +4.6% |
| 2004 | 3.2% | -6.3% |
| 2005 | 2.9% | -9.1% |
| 2006 | 3.1% | +7.8% |
| 2007 | 3.1% | -1.0% |
| 2008 | 3.4% | +9.7% |
| 2009 | 3.8% | +11.6% |
| 2010 | 8.2% | +115.6% |
| 2011 | 7.9% | -3.5% |
| 2012 | 7.8% | -0.5% |
| 2013 | 7.1% | -9.1% |
| 2014 | 7.0% | -1.7% |
| 2015 | 7.0% | -0.7% |
| 2016 | 6.9% | -1.1% |
| 2017 | 6.7% | -2.9% |
| 2018 | 6.9% | +3.7% |
| 2019 | 6.9% | -0.3% |
| 2020 | 8.5% | +23.2% |
| 2021 | 8.4% | -1.2% |
| 2022 | 7.4% | -12.2% |
| 2023 | 6.1% | -16.8% |
| 2024 | 5.9% | -4.2% |
Malaysia compared with similar countries
- Malaysia's 5.9% is below the median for upper middle income countries, which is 6.2%, 95% of the median. (55 countries reporting)
- Malaysia's 5.9% is above the median for East Asia & Pacific, which is 4.9%, 1.2× the median. (32 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Malaysia changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2010 | +115.6% | 3.8% | 8.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 3.0% | 3.0% | 3.0% | 1 |
| 2000s | 3.2% | 2.8% | 3.8% | 10 |
| 2010s | 7.2% | 6.7% | 8.2% | 10 |
| 2020s | 7.3% | 5.9% | 8.5% | 5 |
Countries ranked near Malaysia
- 103 Kosovo 6.1% compare
- 103 Kosovo (UNSCR 1244) 6.1% compare
- 105 Spain 6.0% compare
- 107 Gabon 5.6% compare
- 108 South Africa 5.6% compare
- 109 Kazakhstan 5.5% compare
More economy & growth data for Malaysia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.04 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.97 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 13.04 billion BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0309 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 366.69 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 15.59 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 96.92 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0369 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 438.53 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 8.09 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Malaysia?
- Insurance and financial services in Malaysia was 5.9% 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 Malaysia?
- The highest recorded value was 8.5% in 2020.
- What is the lowest insurance and financial services recorded in Malaysia?
- The lowest recorded value was 2.8% in 2000.
- How does Malaysia rank for insurance and financial services?
- Malaysia ranks 106th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Malaysia?
- Over the last ten years it is down 16.1%. The long-run trend across the full record is rising.
- Where does this Malaysia 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.