Insurance and financial services in Oman
Oman: Insurance and financial services was 14.4% in 2024. ▲ Rising
Insurance and financial services in Oman, 1974–2024
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 Oman is 14.4%, measured in 2024.
That represents a change of up 5.5% on the previous year and up 23.8% over ten years.
Over the whole period, insurance and financial services in Oman peaked at 17.7% in 2020 and was at its lowest, 3.6%, in 1991.
That places Oman 19th out of 197 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently rising across the 51 years of available data.
Insurance and financial services in Oman, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1974 | 5.9% | — |
| 1975 | 6.5% | +9.8% |
| 1976 | 6.3% | -3.4% |
| 1977 | 6.2% | -0.6% |
| 1978 | 6.6% | +5.1% |
| 1979 | 6.1% | -7.4% |
| 1980 | 3.8% | -37.6% |
| 1981 | 3.9% | +2.5% |
| 1982 | 4.1% | +5.3% |
| 1983 | 3.8% | -6.8% |
| 1984 | 4.4% | +14.4% |
| 1985 | 4.7% | +8.2% |
| 1986 | 3.7% | -21.0% |
| 1987 | 4.1% | +10.2% |
| 1988 | 4.5% | +9.0% |
| 1989 | 4.3% | -2.9% |
| 1990 | 4.1% | -6.5% |
| 1991 | 3.6% | -11.1% |
| 1992 | 4.4% | +20.8% |
| 1993 | 4.9% | +13.4% |
| 1994 | 4.7% | -6.0% |
| 1995 | 4.6% | -0.1% |
| 1996 | 4.5% | -3.4% |
| 1997 | 4.1% | -8.0% |
| 1998 | 4.4% | +6.6% |
| 1999 | 6.0% | +36.2% |
| 2000 | 6.5% | +7.9% |
| 2001 | 5.1% | -21.6% |
| 2002 | 9.1% | +80.2% |
| 2003 | 8.6% | -5.9% |
| 2004 | 7.6% | -12.1% |
| 2005 | 9.0% | +19.8% |
| 2006 | 10.8% | +19.8% |
| 2007 | 13.0% | +20.3% |
| 2008 | 10.7% | -18.3% |
| 2009 | 15.1% | +41.5% |
| 2010 | 14.1% | -6.7% |
| 2011 | 12.3% | -12.3% |
| 2012 | 11.8% | -4.4% |
| 2013 | 11.2% | -4.8% |
| 2014 | 11.6% | +3.6% |
| 2015 | 12.5% | +7.2% |
| 2016 | 11.8% | -5.8% |
| 2017 | 11.8% | +0.1% |
| 2018 | 11.6% | -1.1% |
| 2019 | 11.8% | +1.5% |
| 2020 | 17.7% | +49.7% |
| 2021 | 16.4% | -7.5% |
| 2022 | 14.0% | -14.5% |
| 2023 | 13.7% | -2.3% |
| 2024 | 14.4% | +5.5% |
Oman compared with similar countries
- Oman's 14.4% is above the median for high income countries, which is 6.2%, 2.3× the median. (72 countries reporting)
- Oman's 14.4% is above the median for Middle East, North Africa, Afghanistan & Pakistan, which is 6.5%, 2.2× the median. (22 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Oman 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 |
|---|---|---|---|
| 2002 | +80.2% | 5.1% | 9.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.3% | 5.9% | 6.6% | 6 |
| 1980s | 4.1% | 3.7% | 4.7% | 10 |
| 1990s | 4.5% | 3.6% | 6.0% | 10 |
| 2000s | 9.5% | 5.1% | 15.1% | 10 |
| 2010s | 12.1% | 11.2% | 14.1% | 10 |
| 2020s | 15.2% | 13.7% | 17.7% | 5 |
Countries ranked near Oman
More economy & growth data for Oman
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.93 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.18 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -142.78 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0013 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita -27.03 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 12.47 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -0.6369 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.1164 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 2,360 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 4.77 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Oman?
- Insurance and financial services in Oman was 14.4% 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 Oman?
- The highest recorded value was 17.7% in 2020.
- What is the lowest insurance and financial services recorded in Oman?
- The lowest recorded value was 3.6% in 1991.
- How does Oman rank for insurance and financial services?
- Oman ranks 19th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Oman?
- Over the last ten years it is up 23.8%. The long-run trend across the full record is rising.
- Where does this Oman 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 — 51 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.