Insurance and financial services in Europe & Central Asia (excluding high income)
Europe & Central Asia (excluding high income): Insurance and financial services was 7.1% in 2024. ▼ Falling
Insurance and financial services in Europe & Central Asia (excluding high income), 1994–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2024, insurance and financial services in Europe & Central Asia (excluding high income) stood at 7.1%.
That represents a change of up 2.1% on the previous year and down 32.7% over ten years.
Over the whole period, insurance and financial services in Europe & Central Asia (excluding high income) peaked at 12.7% in 2002 and was at its lowest, 6.4%, in 2019.
Europe & Central Asia (excluding high income) ranks 31st of 47 groups on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 31 years of available data.
Insurance and financial services in Europe & Central Asia (excluding high income), year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1994 | 9.2% | — |
| 1995 | 7.5% | -18.4% |
| 1996 | 7.3% | -2.0% |
| 1997 | 7.1% | -3.4% |
| 1998 | 7.3% | +3.5% |
| 1999 | 8.2% | +11.2% |
| 2000 | 10.0% | +22.0% |
| 2001 | 12.3% | +23.2% |
| 2002 | 12.7% | +3.5% |
| 2003 | 11.4% | -10.2% |
| 2004 | 9.7% | -14.6% |
| 2005 | 8.8% | -10.0% |
| 2006 | 10.8% | +23.8% |
| 2007 | 10.4% | -4.4% |
| 2008 | 10.5% | +1.2% |
| 2009 | 10.2% | -2.7% |
| 2010 | 8.3% | -18.4% |
| 2011 | 9.3% | +12.1% |
| 2012 | 9.2% | -1.0% |
| 2013 | 9.8% | +6.4% |
| 2014 | 10.5% | +7.2% |
| 2015 | 10.6% | +0.5% |
| 2016 | 8.7% | -17.6% |
| 2017 | 8.6% | -1.0% |
| 2018 | 7.0% | -18.6% |
| 2019 | 6.4% | -9.1% |
| 2020 | 8.6% | +35.0% |
| 2021 | 7.4% | -14.7% |
| 2022 | 6.6% | -10.7% |
| 2023 | 6.9% | +5.8% |
| 2024 | 7.1% | +2.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 7.8% | 7.1% | 9.2% | 6 |
| 2000s | 10.7% | 8.8% | 12.7% | 10 |
| 2010s | 8.9% | 6.4% | 10.6% | 10 |
| 2020s | 7.3% | 6.6% | 8.6% | 5 |
Countries ranked near Europe & Central Asia (excluding high income)
- 28 Dominica 13.0% compare
- 29 New Zealand 13.0% compare
- 30 Japan 12.9% compare
- 31 Bahamas 12.7% compare
- 32 Yemen 12.4% compare
- 33 East Timor 12.4% compare
- 34 Dominican Republic 12.3% compare
More private sector data for Europe & Central Asia (excluding high income)
- Merchandise trade 49.0% (2025)
- Food imports 8.4% (2024)
- Manufactures imports 64.1% (2024)
- Merchandise imports 796.25 billion current US$ (2025)
- Food exports 17.5% (2024)
- Manufactures exports 52.5% (2024)
- Merchandise exports 584.92 billion current US$ (2025)
- Merchandise exports (current US$), per capita 2,309 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2077 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 2.23 % change on previous year (2025)
All data for Europe & Central Asia (excluding high income) →
Frequently asked questions
- What is insurance and financial services in Europe & Central Asia (excluding high income)?
- Insurance and financial services in Europe & Central Asia (excluding high income) was 7.1% 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 Europe & Central Asia (excluding high income)?
- The highest recorded value was 12.7% in 2002.
- What is the lowest insurance and financial services recorded in Europe & Central Asia (excluding high income)?
- The lowest recorded value was 6.4% in 2019.
- How does Europe & Central Asia (excluding high income) rank for insurance and financial services?
- Europe & Central Asia (excluding high income) ranks 31st out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Europe & Central Asia (excluding high income)?
- Over the last ten years it is down 32.7%. The long-run trend across the full record is falling.
- Where does this Europe & Central Asia (excluding high income) 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.
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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 imports which are commercial services provided by non-residents to residents.