Insurance and financial services in Singapore
Singapore: Insurance and financial services was 15.2% in 2025. ◆ Volatile
Insurance and financial services in Singapore, 1972–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
In 2025, insurance and financial services in Singapore stood at 15.2%.
The figure is up 1.6% on the previous year and down 6.4% over ten years.
Over the whole period, insurance and financial services in Singapore peaked at 19.0% in 2020 and was at its lowest, 0.4%, in 1975.
Singapore ranks 21st of 190 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Singapore, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1972 | 0.4% | — |
| 1973 | 0.5% | +22.6% |
| 1974 | 0.6% | +4.0% |
| 1975 | 0.4% | -22.2% |
| 1976 | 0.6% | +40.9% |
| 1977 | 0.8% | +26.5% |
| 1978 | 0.9% | +22.2% |
| 1979 | 1.2% | +22.6% |
| 1980 | 1.1% | -2.6% |
| 1981 | 0.9% | -19.2% |
| 1982 | 0.8% | -7.7% |
| 1983 | 0.9% | +4.4% |
| 1984 | 1.1% | +30.3% |
| 1985 | 1.0% | -9.0% |
| 1986 | 1.7% | +65.1% |
| 1987 | 1.8% | +3.0% |
| 1988 | 1.3% | -25.3% |
| 1989 | 1.0% | -24.2% |
| 1990 | 0.7% | -30.4% |
| 1991 | 0.8% | +19.7% |
| 1992 | 1.0% | +25.2% |
| 1993 | 1.4% | +35.8% |
| 1994 | 1.4% | +1.6% |
| 1995 | 15.6% | +983.7% |
| 1996 | 15.6% | +0.4% |
| 1997 | 18.1% | +15.7% |
| 1998 | 13.8% | -23.8% |
| 1999 | 12.1% | -12.0% |
| 2000 | 9.2% | -24.3% |
| 2001 | 10.1% | +9.5% |
| 2002 | 11.1% | +10.6% |
| 2003 | 12.4% | +11.3% |
| 2004 | 11.0% | -11.4% |
| 2005 | 11.6% | +5.9% |
| 2006 | 13.0% | +11.3% |
| 2007 | 15.7% | +21.5% |
| 2008 | 14.0% | -10.8% |
| 2009 | 15.2% | +8.1% |
| 2010 | 14.6% | -3.6% |
| 2011 | 14.8% | +1.2% |
| 2012 | 14.9% | +0.8% |
| 2013 | 15.4% | +2.9% |
| 2014 | 15.9% | +3.4% |
| 2015 | 16.3% | +2.3% |
| 2016 | 17.1% | +5.4% |
| 2017 | 18.3% | +6.5% |
| 2018 | 18.2% | -0.2% |
| 2019 | 17.6% | -3.6% |
| 2020 | 19.0% | +8.1% |
| 2021 | 16.1% | -15.1% |
| 2022 | 14.2% | -11.9% |
| 2023 | 15.3% | +7.6% |
| 2024 | 15.0% | -1.9% |
| 2025 | 15.2% | +1.6% |
Singapore compared with similar countries
- Singapore's 15.2% is above the median for high income countries, which is 5.3%, 2.9× the median. (69 countries reporting)
- Singapore's 15.2% is above the median for East Asia & Pacific, which is 1.4%, 10.6× the median. (29 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Singapore 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 |
|---|---|---|---|
| 1995 | +983.7% | 1.4% | 15.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 0.7% | 0.4% | 1.2% | 8 |
| 1980s | 1.2% | 0.8% | 1.8% | 10 |
| 1990s | 8.1% | 0.7% | 18.1% | 10 |
| 2000s | 12.3% | 9.2% | 15.7% | 10 |
| 2010s | 16.3% | 14.6% | 18.3% | 10 |
| 2020s | 15.8% | 14.2% | 19.0% | 6 |
Countries ranked near Singapore
More private sector data for Singapore
- Merchandise trade 177.6% (2025)
- Food imports 3.7% (2024)
- Manufactures imports 70.9% (2024)
- Merchandise imports 505.84 billion current US$ (2025)
- Food exports 2.8% (2024)
- Manufactures exports 74.5% (2024)
- Merchandise exports 566.87 billion current US$ (2025)
- Merchandise exports (current US$), per capita 92,760 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.9387 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 12.11 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Singapore?
- Insurance and financial services in Singapore was 15.2% 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 Singapore?
- The highest recorded value was 19.0% in 2020.
- What is the lowest insurance and financial services recorded in Singapore?
- The lowest recorded value was 0.4% in 1975.
- How does Singapore rank for insurance and financial services?
- Singapore ranks 21st out of 190 countries with data for 2025.
- Is insurance and financial services rising or falling in Singapore?
- Over the last ten years it is down 6.4%. The long-run trend across the full record is volatile.
- Where does this Singapore 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 — 54 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.