Insurance and financial services in Small states
Small states: Insurance and financial services was 8.6% in 2024. ▲ Rising
Insurance and financial services in Small states, 1992–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Small states recorded 8.6% for insurance and financial services in 2024.
That represents a change of up 10.2% on the previous year and down 49.2% over ten years.
Over the whole period, insurance and financial services in Small states peaked at 17.5% in 2010 and was at its lowest, 5.7%, in 2002.
Small states ranks 18th of 47 groups on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 30 years of available data.
Insurance and financial services in Small states, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1992 | 7.7% | — |
| 1993 | 7.6% | -1.9% |
| 1994 | 7.3% | -3.0% |
| 1995 | 7.4% | +1.3% |
| 1996 | 7.0% | -5.2% |
| 1997 | 6.4% | -9.5% |
| 1998 | 6.0% | -5.2% |
| 1999 | 6.0% | -0.8% |
| 2000 | 6.4% | +6.5% |
| 2001 | 6.5% | +1.4% |
| 2002 | 5.7% | -12.3% |
| 2006 | 15.7% | +176.7% |
| 2007 | 15.5% | -0.9% |
| 2008 | 16.1% | +3.2% |
| 2009 | 14.4% | -10.0% |
| 2010 | 17.5% | +21.5% |
| 2011 | 17.3% | -1.3% |
| 2012 | 15.7% | -9.1% |
| 2013 | 15.9% | +1.0% |
| 2014 | 16.9% | +6.2% |
| 2015 | 14.7% | -13.2% |
| 2016 | 14.6% | -0.4% |
| 2017 | 8.6% | -41.2% |
| 2018 | 8.6% | -0.4% |
| 2019 | 8.8% | +3.1% |
| 2020 | 11.5% | +30.9% |
| 2021 | 10.9% | -5.1% |
| 2022 | 11.9% | +9.2% |
| 2023 | 7.8% | -34.9% |
| 2024 | 8.6% | +10.2% |
Biggest year-on-year movements
Years where Insurance and financial services in Small states 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 |
|---|---|---|---|
| 2006 | +176.7% | 5.7% | 15.7% |
| 2017 | -41.2% | 14.6% | 8.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.9% | 6.0% | 7.7% | 8 |
| 2000s | 11.5% | 5.7% | 16.1% | 7 |
| 2010s | 13.9% | 8.6% | 17.5% | 10 |
| 2020s | 10.2% | 7.8% | 11.9% | 5 |
Countries ranked near Small states
More economy & growth data for Small states
- General government final consumption expenditure (current US$), per 0.2055 current US$ per US$ of GDP (2025)
- Households and NPISHs Final consumption expenditure (constant 2015) 2.64 % change on previous year (2025)
- Households and NPISHs Final consumption expenditure (current US$) 9,468 current US$ per person (2025)
- Households and NPISHs Final consumption expenditure (current US$) 0.5711 current US$ per US$ of GDP (2025)
- Households and NPISHs Final consumption expenditure (current US$) 9.91 % change on previous year (2025)
- General government final consumption expenditure (constant 2015 US$) 2,363 constant 2015 US$ per person (2025)
- General government final consumption expenditure (constant 2015 US$) 0.1426 constant 2015 US$ per US$ of GDP (2025)
- General government final consumption expenditure (constant 2015 US$) 2.06 % change on previous year (2025)
- General government final consumption expenditure (current US$), per 3,407 current US$ per person (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0009 BoP, current US$ per US$ of GDP (2025)
Frequently asked questions
- What is insurance and financial services in Small states?
- Insurance and financial services in Small states was 8.6% 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 Small states?
- The highest recorded value was 17.5% in 2010.
- What is the lowest insurance and financial services recorded in Small states?
- The lowest recorded value was 5.7% in 2002.
- How does Small states rank for insurance and financial services?
- Small states ranks 18th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Small states?
- Over the last ten years it is down 49.2%. The long-run trend across the full record is rising.
- Where does this Small states 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 — 30 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.