Insurance and financial services in Malaysia
Malaysia: Insurance and financial services was 2.5% in 2024. ◆ Volatile
Insurance and financial services in Malaysia, 1974–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
Malaysia recorded 2.5% for insurance and financial services in 2024.
The figure is down 6.1% on the previous year and up 28.0% over ten years.
Over the whole period, insurance and financial services in Malaysia peaked at 5.1% in 2021 and was at its lowest, 0.0%, in 1984.
That places Malaysia 99th out of 190 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 Malaysia, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1974 | 0.3% | — |
| 1975 | 0.2% | -7.2% |
| 1976 | 0.2% | -3.2% |
| 1977 | 0.3% | +23.1% |
| 1978 | 0.7% | +144.9% |
| 1979 | 0.8% | +19.6% |
| 1980 | 0.7% | -21.7% |
| 1981 | 0.1% | -83.8% |
| 1982 | 0.1% | -45.5% |
| 1983 | 0.0% | -14.7% |
| 1984 | 0.0% | -5.4% |
| 1985 | 0.1% | +87.7% |
| 1986 | 0.1% | -7.0% |
| 1987 | 0.1% | -10.4% |
| 1988 | 0.1% | +37.3% |
| 1989 | 0.1% | -7.4% |
| 1990 | 0.1% | -26.2% |
| 1991 | 0.1% | +11.2% |
| 1992 | 0.1% | -5.2% |
| 1993 | 0.1% | +2.3% |
| 1994 | 0.1% | -4.9% |
| 1999 | 2.4% | +3319.5% |
| 2000 | 2.3% | -5.7% |
| 2001 | 2.6% | +14.2% |
| 2002 | 1.4% | -46.2% |
| 2003 | 2.5% | +75.9% |
| 2004 | 2.2% | -10.6% |
| 2005 | 1.7% | -21.5% |
| 2006 | 1.7% | -0.2% |
| 2007 | 1.5% | -10.6% |
| 2008 | 1.5% | -3.0% |
| 2009 | 1.7% | +11.5% |
| 2010 | 1.5% | -8.3% |
| 2011 | 2.0% | +34.6% |
| 2012 | 2.1% | +3.8% |
| 2013 | 1.8% | -14.2% |
| 2014 | 1.9% | +5.5% |
| 2015 | 2.0% | +5.5% |
| 2016 | 2.3% | +12.7% |
| 2017 | 2.2% | -2.4% |
| 2018 | 2.3% | +2.4% |
| 2019 | 2.4% | +6.4% |
| 2020 | 4.8% | +95.2% |
| 2021 | 5.1% | +6.6% |
| 2022 | 3.7% | -26.7% |
| 2023 | 2.6% | -29.3% |
| 2024 | 2.5% | -6.1% |
Malaysia compared with similar countries
- Malaysia's 2.5% is above the median for upper middle income countries, which is 1.9%, 1.3× the median. (53 countries reporting)
- Malaysia's 2.5% is above the median for East Asia & Pacific, which is 1.4%, 1.7× the median. (29 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Malaysia 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 |
|---|---|---|---|
| 1999 | +3319.5% | 0.1% | 2.4% |
| 1978 | +144.9% | 0.3% | 0.7% |
| 2020 | +95.2% | 2.4% | 4.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 0.4% | 0.2% | 0.8% | 6 |
| 1980s | 0.1% | 0.0% | 0.7% | 10 |
| 1990s | 0.5% | 0.1% | 2.4% | 6 |
| 2000s | 1.9% | 1.4% | 2.6% | 10 |
| 2010s | 2.1% | 1.5% | 2.4% | 10 |
| 2020s | 3.7% | 2.5% | 5.1% | 5 |
Countries ranked near Malaysia
- 96 Saint Vincent and the Grenadines 2.7% compare
- 97 El Salvador 2.7% compare
- 98 Türkiye 2.5% compare
- 100 Uzbekistan 2.4% compare
- 101 San Marino 2.4% compare
- 102 Poland 2.3% compare
More private sector data for Malaysia
- Merchandise trade 151.7% (2025)
- Food imports 8.3% (2025)
- Manufactures imports 72.0% (2025)
- Merchandise imports 340.44 billion current US$ (2025)
- Food exports 10.4% (2025)
- Manufactures exports 72.7% (2025)
- Merchandise exports 376.04 billion current US$ (2025)
- Merchandise exports (current US$), per capita 10,452 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.7964 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 13.69 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Malaysia?
- Insurance and financial services in Malaysia was 2.5% 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 Malaysia?
- The highest recorded value was 5.1% in 2021.
- What is the lowest insurance and financial services recorded in Malaysia?
- The lowest recorded value was 0.0% in 1984.
- How does Malaysia rank for insurance and financial services?
- Malaysia ranks 99th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Malaysia?
- Over the last ten years it is up 28.0%. The long-run trend across the full record is volatile.
- Where does this Malaysia 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
CSV · JSON — 47 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.