Insurance and financial services in Papua New Guinea
Papua New Guinea: Insurance and financial services was 0.1% in 2024. ◆ Volatile
Insurance and financial services in Papua New Guinea, 1976–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
In 2024, insurance and financial services in Papua New Guinea stood at 0.1%. That is the lowest value across all 49 years on record.
The figure is down 93.7% on the previous year and down 99.2% over ten years.
Over the whole period, insurance and financial services in Papua New Guinea peaked at 23.5% in 2019 and was at its lowest, 0.1%, in 2024.
Papua New Guinea ranks 182nd of 190 countries on this measure, 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 Papua New Guinea, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1976 | 0.8% | — |
| 1977 | 1.4% | +81.7% |
| 1978 | 2.0% | +44.4% |
| 1979 | 1.3% | -33.6% |
| 1980 | 1.2% | -13.6% |
| 1981 | 0.6% | -45.6% |
| 1982 | 0.7% | +5.1% |
| 1983 | 0.9% | +29.8% |
| 1984 | 1.1% | +29.6% |
| 1985 | 1.9% | +73.9% |
| 1986 | 1.7% | -14.3% |
| 1987 | 1.2% | -27.2% |
| 1988 | 1.1% | -11.1% |
| 1989 | 0.7% | -32.4% |
| 1990 | 0.5% | -34.3% |
| 1991 | 0.6% | +25.8% |
| 1992 | 0.8% | +32.1% |
| 1993 | 0.9% | +16.4% |
| 1994 | 1.8% | +91.6% |
| 1995 | 1.2% | -31.8% |
| 1996 | 3.1% | +160.3% |
| 1997 | 3.9% | +23.5% |
| 1998 | 2.2% | -42.6% |
| 1999 | 3.8% | +71.3% |
| 2000 | 1.8% | -51.4% |
| 2001 | 1.8% | -0.2% |
| 2002 | 1.5% | -17.5% |
| 2003 | 5.5% | +263.3% |
| 2004 | 8.2% | +47.9% |
| 2005 | 5.4% | -33.3% |
| 2006 | 1.6% | -69.9% |
| 2007 | 6.1% | +272.4% |
| 2008 | 4.6% | -25.0% |
| 2009 | 7.3% | +60.2% |
| 2010 | 2.7% | -63.6% |
| 2011 | 5.2% | +92.8% |
| 2012 | 2.9% | -44.0% |
| 2013 | 3.8% | +32.6% |
| 2014 | 9.4% | +144.5% |
| 2015 | 5.5% | -41.0% |
| 2016 | 3.1% | -43.9% |
| 2017 | 4.1% | +33.2% |
| 2018 | 11.0% | +166.4% |
| 2019 | 23.5% | +114.3% |
| 2020 | 3.9% | -83.3% |
| 2021 | 1.6% | -58.9% |
| 2022 | 1.6% | -2.6% |
| 2023 | 1.2% | -24.8% |
| 2024 | 0.1% | -93.7% |
Papua New Guinea compared with similar countries
- Papua New Guinea's 0.1% is below the median for lower middle income countries, which is 1.8%, 4% of the median. (46 countries reporting)
- Papua New Guinea's 0.1% is below the median for East Asia & Pacific, which is 1.4%, 5% of the median. (29 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.4% | 0.8% | 2.0% | 4 |
| 1980s | 1.1% | 0.6% | 1.9% | 10 |
| 1990s | 1.9% | 0.5% | 3.9% | 10 |
| 2000s | 4.4% | 1.5% | 8.2% | 10 |
| 2010s | 7.1% | 2.7% | 23.5% | 10 |
| 2020s | 1.7% | 0.1% | 3.9% | 5 |
Countries ranked near Papua New Guinea
More private sector data for Papua New Guinea
- Merchandise trade 62.0% (2025)
- Food imports 16.5% (2023)
- Manufactures imports 64.7% (2023)
- Merchandise imports 4.62 billion current US$ (2025)
- Food exports 19.7% (2023)
- Manufactures exports 1.8% (2023)
- Merchandise exports 15.54 billion current US$ (2025)
- Merchandise exports (current US$), per capita 1,444 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.4782 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 11.21 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Papua New Guinea?
- Insurance and financial services in Papua New Guinea was 0.1% 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 Papua New Guinea?
- The highest recorded value was 23.5% in 2019.
- What is the lowest insurance and financial services recorded in Papua New Guinea?
- The lowest recorded value was 0.1% in 2024.
- How does Papua New Guinea rank for insurance and financial services?
- Papua New Guinea ranks 182nd out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Papua New Guinea?
- Over the last ten years it is down 99.2%. The long-run trend across the full record is volatile.
- Where does this Papua New Guinea 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 — 49 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.