Insurance and financial services in Jamaica
Jamaica: Insurance and financial services was 0.3% in 2024. ◆ Volatile
Insurance and financial services in Jamaica, 1976–2024
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 Jamaica is 0.3%, measured in 2024.
The figure is down 7.4% on the previous year and down 33.9% over ten years.
Over the whole period, insurance and financial services in Jamaica peaked at 7.6% in 1977 and was at its lowest, 0.3%, in 2019.
That places Jamaica 170th out of 190 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Jamaica, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1976 | 7.1% | — |
| 1977 | 7.6% | +7.6% |
| 1978 | 6.7% | -12.2% |
| 1979 | 5.1% | -23.1% |
| 1980 | 4.4% | -13.5% |
| 1981 | 4.5% | +1.0% |
| 1982 | 3.2% | -27.8% |
| 1983 | 2.3% | -28.0% |
| 1984 | 2.2% | -4.9% |
| 1985 | 2.0% | -7.8% |
| 1986 | 1.6% | -21.6% |
| 1987 | 1.4% | -14.0% |
| 1988 | 1.5% | +6.3% |
| 1989 | 1.2% | -17.1% |
| 1990 | 1.4% | +14.4% |
| 1991 | 1.2% | -16.6% |
| 1992 | 0.9% | -25.9% |
| 1993 | 0.8% | -5.8% |
| 1994 | 1.8% | +120.7% |
| 1995 | 1.1% | -39.6% |
| 1996 | 0.8% | -24.0% |
| 1997 | 0.9% | +6.6% |
| 1998 | 0.9% | -0.8% |
| 1999 | 0.9% | +4.8% |
| 2000 | 1.2% | +36.8% |
| 2001 | 1.5% | +19.4% |
| 2002 | 2.0% | +35.3% |
| 2003 | 1.6% | -19.2% |
| 2004 | 1.6% | +0.3% |
| 2005 | 2.8% | +72.8% |
| 2006 | 2.1% | -26.2% |
| 2007 | 3.0% | +43.0% |
| 2008 | 1.9% | -35.2% |
| 2009 | 2.3% | +21.4% |
| 2010 | 1.5% | -34.6% |
| 2011 | 1.8% | +15.1% |
| 2012 | 1.2% | -34.4% |
| 2013 | 1.0% | -11.7% |
| 2014 | 0.5% | -50.3% |
| 2015 | 0.4% | -28.0% |
| 2016 | 0.4% | +1.1% |
| 2017 | 0.4% | -4.4% |
| 2018 | 0.3% | -11.4% |
| 2019 | 0.3% | -12.1% |
| 2020 | 0.8% | +210.2% |
| 2021 | 0.6% | -28.5% |
| 2022 | 0.4% | -30.9% |
| 2023 | 0.4% | -14.1% |
| 2024 | 0.3% | -7.4% |
Jamaica compared with similar countries
- Jamaica's 0.3% is below the median for upper middle income countries, which is 1.9%, 18% of the median. (53 countries reporting)
- Jamaica's 0.3% is below the median for Latin America & Caribbean, which is 2.7%, 12% of the median. (35 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Jamaica 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 |
|---|---|---|---|
| 2020 | +210.2% | 0.3% | 0.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.6% | 5.1% | 7.6% | 4 |
| 1980s | 2.4% | 1.2% | 4.5% | 10 |
| 1990s | 1.1% | 0.8% | 1.8% | 10 |
| 2000s | 2.0% | 1.2% | 3.0% | 10 |
| 2010s | 0.8% | 0.3% | 1.8% | 10 |
| 2020s | 0.5% | 0.3% | 0.8% | 5 |
Countries ranked near Jamaica
More private sector data for Jamaica
- Merchandise trade 41.3% (2025)
- Food imports 20.5% (2023)
- Manufactures imports 51.4% (2023)
- Merchandise imports 7.68 billion current US$ (2025)
- Food exports 30.4% (2023)
- Manufactures exports 3.0% (2023)
- Merchandise exports 1.69 billion current US$ (2025)
- Merchandise exports (current US$), per capita 595.33 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.0744 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -9.53 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Jamaica?
- Insurance and financial services in Jamaica was 0.3% 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 Jamaica?
- The highest recorded value was 7.6% in 1977.
- What is the lowest insurance and financial services recorded in Jamaica?
- The lowest recorded value was 0.3% in 2019.
- How does Jamaica rank for insurance and financial services?
- Jamaica ranks 170th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Jamaica?
- Over the last ten years it is down 33.9%. The long-run trend across the full record is volatile.
- Where does this Jamaica 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.
Download this data
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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.