Insurance and financial services in Heavily indebted poor countries (HIPC)
Heavily indebted poor countries (HIPC): Insurance and financial services was 9.3% in 2024. ▲ Rising
Insurance and financial services in Heavily indebted poor countries (HIPC), 1978–2024
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 Heavily indebted poor countries (HIPC) stood at 9.3%. That is the highest value across all 47 years on record.
Compared with earlier readings it is up 27.9% on the previous year and up 47.1% over ten years.
Over the whole period, insurance and financial services in Heavily indebted poor countries (HIPC) peaked at 9.3% in 2024 and was at its lowest, 4.4%, in 1997.
That places Heavily indebted poor countries (HIPC) 13th out of 47 groups with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 47 years of available data.
Insurance and financial services in Heavily indebted poor countries (HIPC), year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1978 | 4.7% | — |
| 1979 | 6.2% | +31.7% |
| 1980 | 6.4% | +2.4% |
| 1981 | 6.2% | -2.6% |
| 1982 | 6.4% | +3.0% |
| 1983 | 6.3% | -1.3% |
| 1984 | 6.6% | +4.2% |
| 1985 | 6.4% | -2.3% |
| 1986 | 6.7% | +4.3% |
| 1987 | 6.8% | +1.4% |
| 1988 | 6.7% | -1.0% |
| 1989 | 7.0% | +3.8% |
| 1990 | 6.8% | -2.9% |
| 1991 | 5.9% | -13.4% |
| 1992 | 6.3% | +7.6% |
| 1993 | 5.3% | -16.6% |
| 1994 | 5.1% | -3.3% |
| 1995 | 4.9% | -3.6% |
| 1996 | 5.0% | +1.5% |
| 1997 | 4.4% | -11.8% |
| 1998 | 4.6% | +5.0% |
| 1999 | 4.6% | -1.5% |
| 2000 | 5.1% | +12.7% |
| 2001 | 6.6% | +29.2% |
| 2002 | 6.6% | -0.2% |
| 2003 | 7.3% | +11.0% |
| 2004 | 6.8% | -7.7% |
| 2005 | 7.5% | +10.2% |
| 2006 | 6.8% | -8.6% |
| 2007 | 6.8% | -0.5% |
| 2008 | 6.5% | -4.9% |
| 2009 | 6.5% | +0.4% |
| 2010 | 6.5% | -0.3% |
| 2011 | 6.3% | -2.8% |
| 2012 | 6.8% | +7.5% |
| 2013 | 6.3% | -6.6% |
| 2014 | 6.4% | +0.8% |
| 2015 | 5.8% | -8.3% |
| 2016 | 5.8% | -0.9% |
| 2017 | 7.0% | +21.7% |
| 2018 | 6.2% | -11.2% |
| 2019 | 6.6% | +5.7% |
| 2020 | 7.3% | +9.9% |
| 2021 | 7.0% | -3.4% |
| 2022 | 6.7% | -5.0% |
| 2023 | 7.3% | +9.8% |
| 2024 | 9.3% | +27.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.5% | 4.7% | 6.2% | 2 |
| 1980s | 6.6% | 6.2% | 7.0% | 10 |
| 1990s | 5.3% | 4.4% | 6.8% | 10 |
| 2000s | 6.6% | 5.1% | 7.5% | 10 |
| 2010s | 6.4% | 5.8% | 7.0% | 10 |
| 2020s | 7.5% | 6.7% | 9.3% | 5 |
Countries ranked near Heavily indebted poor countries (HIPC)
- 10 Iraq 19.4% compare
- 11 Saint Kitts and Nevis 18.5% compare
- 12 Trinidad and Tobago 18.2% compare
- 13 Panama 17.8% compare
- 14 Bermuda 17.6% compare
- 15 Cyprus 17.1% compare
- 16 Burkina Faso 16.8% compare
More private sector data for Heavily indebted poor countries (HIPC)
- Merchandise trade 45.6% (2025)
- Food imports 14.9% (2023)
- Manufactures imports 59.9% (2023)
- Merchandise imports 306.76 billion current US$ (2025)
- Food exports 27.0% (2023)
- Manufactures exports 14.1% (2023)
- Merchandise exports 279.71 billion current US$ (2025)
- Merchandise exports (current US$), per capita 289.81 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2176 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 20.37 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Heavily indebted poor countries (HIPC)?
- Insurance and financial services in Heavily indebted poor countries (HIPC) was 9.3% 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 Heavily indebted poor countries (HIPC)?
- The highest recorded value was 9.3% in 2024.
- What is the lowest insurance and financial services recorded in Heavily indebted poor countries (HIPC)?
- The lowest recorded value was 4.4% in 1997.
- How does Heavily indebted poor countries (HIPC) rank for insurance and financial services?
- Heavily indebted poor countries (HIPC) ranks 13th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Heavily indebted poor countries (HIPC)?
- Over the last ten years it is up 47.1%. The long-run trend across the full record is rising.
- Where does this Heavily indebted poor countries (HIPC) 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.