Insurance and financial services in Solomon Islands
Solomon Islands: Insurance and financial services was 3.7% in 2024. ◆ Volatile
Insurance and financial services in Solomon Islands, 1975–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Solomon Islands recorded 3.7% for insurance and financial services in 2024.
The figure is down 20.4% on the previous year and down 6.2% over ten years.
Over the whole period, insurance and financial services in Solomon Islands peaked at 19.8% in 2001 and was at its lowest, 0.1%, in 1999.
That places Solomon Islands 140th out of 197 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Solomon Islands, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1975 | 5.9% | — |
| 1976 | 5.7% | -3.3% |
| 1977 | 5.4% | -4.6% |
| 1978 | 4.1% | -24.7% |
| 1979 | 5.6% | +36.2% |
| 1980 | 4.6% | -17.8% |
| 1981 | 4.0% | -11.9% |
| 1982 | 3.2% | -20.4% |
| 1983 | 3.6% | +12.3% |
| 1984 | 3.4% | -5.1% |
| 1985 | 3.2% | -6.0% |
| 1986 | 2.4% | -25.0% |
| 1987 | 2.7% | +12.6% |
| 1988 | 2.5% | -9.2% |
| 1989 | 2.5% | +2.0% |
| 1990 | 2.0% | -21.7% |
| 1991 | 2.1% | +6.0% |
| 1992 | 2.2% | +7.6% |
| 1993 | 4.7% | +111.7% |
| 1994 | 2.2% | -52.8% |
| 1995 | 2.9% | +31.4% |
| 1996 | 2.1% | -29.7% |
| 1997 | 2.5% | +22.7% |
| 1998 | 17.9% | +607.5% |
| 1999 | 0.1% | -99.2% |
| 2000 | 5.0% | +3433.2% |
| 2001 | 19.8% | +295.2% |
| 2002 | 9.6% | -51.7% |
| 2003 | 3.2% | -66.0% |
| 2004 | 10.1% | +212.4% |
| 2005 | 5.2% | -48.3% |
| 2006 | 6.6% | +26.0% |
| 2007 | 5.8% | -12.5% |
| 2008 | 6.8% | +18.4% |
| 2009 | 7.5% | +10.0% |
| 2010 | 5.8% | -23.3% |
| 2011 | 5.9% | +2.8% |
| 2012 | 4.6% | -22.3% |
| 2013 | 3.0% | -34.9% |
| 2014 | 3.9% | +31.1% |
| 2015 | 4.2% | +7.2% |
| 2016 | 4.5% | +7.5% |
| 2017 | 5.7% | +25.8% |
| 2018 | 5.9% | +3.2% |
| 2019 | 4.8% | -19.3% |
| 2020 | 5.4% | +14.5% |
| 2021 | 5.1% | -6.8% |
| 2022 | 3.8% | -24.4% |
| 2023 | 4.6% | +21.1% |
| 2024 | 3.7% | -20.4% |
Solomon Islands compared with similar countries
- Solomon Islands's 3.7% is below the median for lower middle income countries, which is 6.5%, 57% of the median. (47 countries reporting)
- Solomon Islands's 3.7% is below the median for East Asia & Pacific, which is 4.9%, 75% of the median. (32 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Solomon Islands 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 |
|---|---|---|---|
| 2000 | +3433.2% | 0.1% | 5.0% |
| 1998 | +607.5% | 2.5% | 17.9% |
| 2001 | +295.2% | 5.0% | 19.8% |
| 2004 | +212.4% | 3.2% | 10.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.3% | 4.1% | 5.9% | 5 |
| 1980s | 3.2% | 2.4% | 4.6% | 10 |
| 1990s | 3.9% | 0.1% | 17.9% | 10 |
| 2000s | 8.0% | 3.2% | 19.8% | 10 |
| 2010s | 4.8% | 3.0% | 5.9% | 10 |
| 2020s | 4.5% | 3.7% | 5.4% | 5 |
Countries ranked near Solomon Islands
More economy & growth data for Solomon Islands
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 0.9064 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.96 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 52.88 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0334 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 64.55 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 32.97 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -58.21 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0208 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 40.24 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -0.3505 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Solomon Islands?
- Insurance and financial services in Solomon Islands was 3.7% 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 Solomon Islands?
- The highest recorded value was 19.8% in 2001.
- What is the lowest insurance and financial services recorded in Solomon Islands?
- The lowest recorded value was 0.1% in 1999.
- How does Solomon Islands rank for insurance and financial services?
- Solomon Islands ranks 140th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Solomon Islands?
- Over the last ten years it is down 6.2%. The long-run trend across the full record is volatile.
- Where does this Solomon Islands 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 — 50 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.