Insurance and financial services in Bermuda
Bermuda: Insurance and financial services was 20.0% in 2023. ▲ Rising
Insurance and financial services in Bermuda, 2006–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
The most recent figure for insurance and financial services in Bermuda is 20.0%, measured in 2023.
The figure is down 11.4% on the previous year and up 2.2% over ten years.
Over the whole period, insurance and financial services in Bermuda peaked at 28.2% in 2020 and was at its lowest, 16.5%, in 2006.
That places Bermuda 14th out of 190 countries with data for 2023, putting it in the top 10%.
The long-run direction has been consistently rising across the 18 years of available data.
Insurance and financial services in Bermuda, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 2006 | 16.5% | — |
| 2007 | 19.1% | +15.4% |
| 2008 | 19.3% | +1.4% |
| 2009 | 17.4% | -10.0% |
| 2010 | 19.3% | +11.1% |
| 2011 | 18.7% | -3.2% |
| 2012 | 20.4% | +9.2% |
| 2013 | 19.5% | -4.3% |
| 2014 | 22.2% | +13.9% |
| 2015 | 20.5% | -7.8% |
| 2016 | 19.7% | -4.0% |
| 2017 | 18.5% | -6.1% |
| 2018 | 18.8% | +1.7% |
| 2019 | 17.7% | -6.0% |
| 2020 | 28.2% | +59.4% |
| 2021 | 27.9% | -0.9% |
| 2022 | 22.5% | -19.4% |
| 2023 | 20.0% | -11.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 18.1% | 16.5% | 19.3% | 4 |
| 2010s | 19.5% | 17.7% | 22.2% | 10 |
| 2020s | 24.7% | 20.0% | 28.2% | 4 |
Countries ranked near Bermuda
- 11 Switzerland 21.4% compare
- 12 Haiti 21.1% compare
- 13 United States of America 20.2% compare
- 15 Cyprus 19.7% compare
- 16 Central African Republic 19.6%
- 17 Guinea 18.3% compare
More private sector data for Bermuda
- Merchandise trade 14.6% (2024)
- Food imports 21.5% (2024)
- Manufactures imports 54.6% (2024)
- Merchandise imports 1.25 billion current US$ (2025)
- Food exports 1.8% (2024)
- Manufactures exports 59.9% (2024)
- Merchandise exports 43.00 million current US$ (2025)
- Merchandise exports (current US$), per capita 666.1 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.0074 current US$ per US$ of GDP (2024)
- Merchandise exports (current US$), annual growth rate -36.76 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Bermuda?
- Insurance and financial services in Bermuda was 20.0% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Bermuda?
- The highest recorded value was 28.2% in 2020.
- What is the lowest insurance and financial services recorded in Bermuda?
- The lowest recorded value was 16.5% in 2006.
- How does Bermuda rank for insurance and financial services?
- Bermuda ranks 14th out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Bermuda?
- Over the last ten years it is up 2.2%. The long-run trend across the full record is rising.
- Where does this Bermuda 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 commercial service exports). Statizoid updates them automatically from the source API.
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About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.