Insurance and financial services in Bermuda
Bermuda: Insurance and financial services was 17.6% in 2023. ▲ Rising
Insurance and financial services in Bermuda, 2006–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2023, insurance and financial services in Bermuda stood at 17.6%.
That represents a change of down 3.5% on the previous year and down 9.7% over ten years.
Over the whole period, insurance and financial services in Bermuda peaked at 20.4% in 2012 and was at its lowest, 11.0%, in 2006.
Bermuda ranks 14th of 197 countries on this measure, in the top 10%.
The long-run direction has been consistently rising across the 18 years of available data.
Insurance and financial services in Bermuda, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 2006 | 11.0% | — |
| 2007 | 14.7% | +32.8% |
| 2008 | 12.5% | -14.7% |
| 2009 | 15.2% | +21.8% |
| 2010 | 13.9% | -8.5% |
| 2011 | 17.5% | +25.5% |
| 2012 | 20.4% | +17.0% |
| 2013 | 19.5% | -4.7% |
| 2014 | 19.2% | -1.5% |
| 2015 | 13.1% | -31.9% |
| 2016 | 14.0% | +7.1% |
| 2017 | 13.2% | -5.3% |
| 2018 | 15.4% | +16.3% |
| 2019 | 14.3% | -7.0% |
| 2020 | 19.4% | +35.7% |
| 2021 | 19.0% | -2.1% |
| 2022 | 18.2% | -4.1% |
| 2023 | 17.6% | -3.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 13.4% | 11.0% | 15.2% | 4 |
| 2010s | 16.0% | 13.1% | 20.4% | 10 |
| 2020s | 18.6% | 17.6% | 19.4% | 4 |
Countries ranked near Bermuda
- 11 Saint Kitts and Nevis 18.5% compare
- 12 Trinidad and Tobago 18.2% compare
- 13 Panama 17.8% compare
- 15 Cyprus 17.1% compare
- 16 Burkina Faso 16.8% compare
- 17 Nicaragua 16.3% compare
More private sector data for Bermuda
- Merchandise trade 14.6% (2024)
- Food imports 21.5% (2024)
- Manufactures imports 54.6% (2024)
- Merchandise imports 1.25 billion current US$ (2025)
- Food exports 1.8% (2024)
- Manufactures exports 59.9% (2024)
- Merchandise exports 43.00 million current US$ (2025)
- Merchandise exports (current US$), per capita 666.1 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.0074 current US$ per US$ of GDP (2024)
- Merchandise exports (current US$), annual growth rate -36.76 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Bermuda?
- Insurance and financial services in Bermuda was 17.6% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Bermuda?
- The highest recorded value was 20.4% in 2012.
- What is the lowest insurance and financial services recorded in Bermuda?
- The lowest recorded value was 11.0% in 2006.
- How does Bermuda rank for insurance and financial services?
- Bermuda ranks 14th out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Bermuda?
- Over the last ten years it is down 9.7%. The long-run trend across the full record is rising.
- Where does this Bermuda 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 imports). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 18 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 imports which are commercial services provided by non-residents to residents.