Insurance and financial services in Iceland
Iceland: Insurance and financial services was 4.4% in 2025. ◆ Volatile
Insurance and financial services in Iceland, 1976–2025
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 Iceland is 4.4%, measured in 2025.
The figure is up 43.8% on the previous year and up 11.2% over ten years.
Over the whole period, insurance and financial services in Iceland peaked at 9.3% in 2010 and was at its lowest, 0.6%, in 1978.
That places Iceland 72nd out of 190 countries with data for 2025, 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 Iceland, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1976 | 0.9% | — |
| 1977 | 1.0% | +1.8% |
| 1978 | 0.6% | -34.7% |
| 1979 | 0.7% | +6.9% |
| 1980 | 1.1% | +60.4% |
| 1981 | 0.8% | -21.9% |
| 1982 | 0.8% | -8.1% |
| 1983 | 0.8% | +5.5% |
| 1984 | 0.8% | -2.5% |
| 1985 | 0.8% | +0.9% |
| 1986 | 0.9% | +8.8% |
| 1987 | 0.8% | -8.8% |
| 1988 | 1.0% | +20.1% |
| 1989 | 1.1% | +12.0% |
| 1990 | 1.5% | +39.6% |
| 1991 | 1.5% | +3.3% |
| 1992 | 2.7% | +72.4% |
| 1993 | 2.3% | -14.1% |
| 1994 | 1.1% | -53.9% |
| 2009 | 8.0% | +652.9% |
| 2010 | 9.3% | +16.4% |
| 2011 | 8.2% | -11.4% |
| 2012 | 6.6% | -19.4% |
| 2013 | 5.0% | -24.1% |
| 2014 | 4.2% | -16.7% |
| 2015 | 4.0% | -4.7% |
| 2016 | 4.2% | +4.4% |
| 2017 | 4.1% | -1.0% |
| 2018 | 4.2% | +2.2% |
| 2019 | 3.4% | -18.8% |
| 2020 | 6.5% | +89.8% |
| 2021 | 5.1% | -21.2% |
| 2022 | 3.3% | -34.9% |
| 2023 | 3.3% | -1.1% |
| 2024 | 3.1% | -6.5% |
| 2025 | 4.4% | +43.8% |
Iceland compared with similar countries
- Iceland's 4.4% is below the median for high income countries, which is 5.3%, 84% of the median. (69 countries reporting)
- Iceland's 4.4% is above the median for Europe & Central Asia, which is 3.6%, 1.2× the median. (51 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Iceland 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 |
|---|---|---|---|
| 2009 | +652.9% | 1.1% | 8.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 0.8% | 0.6% | 1.0% | 4 |
| 1980s | 0.9% | 0.8% | 1.1% | 10 |
| 1990s | 1.8% | 1.1% | 2.7% | 5 |
| 2000s | 8.0% | 8.0% | 8.0% | 1 |
| 2010s | 5.3% | 3.4% | 9.3% | 10 |
| 2020s | 4.3% | 3.1% | 6.5% | 6 |
Countries ranked near Iceland
More private sector data for Iceland
- Merchandise trade 46.9% (2025)
- Food imports 11.1% (2025)
- Manufactures imports 71.1% (2025)
- Merchandise imports 10.94 billion current US$ (2025)
- Food exports 46.9% (2025)
- Manufactures exports 14.0% (2025)
- Merchandise exports 7.17 billion current US$ (2025)
- Merchandise exports (current US$), per capita 18,264 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1858 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 3.33 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Iceland?
- Insurance and financial services in Iceland was 4.4% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Iceland?
- The highest recorded value was 9.3% in 2010.
- What is the lowest insurance and financial services recorded in Iceland?
- The lowest recorded value was 0.6% in 1978.
- How does Iceland rank for insurance and financial services?
- Iceland ranks 72nd out of 190 countries with data for 2025.
- Is insurance and financial services rising or falling in Iceland?
- Over the last ten years it is up 11.2%. The long-run trend across the full record is volatile.
- Where does this Iceland 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.