Insurance and financial services in India
India: Insurance and financial services was 2.9% in 2025. ▲ Rising
Insurance and financial services in India, 1975–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
The most recent figure for insurance and financial services in India is 2.9%, measured in 2025. That is the lowest value across all 51 years on record.
Compared with earlier readings it is down 23.0% on the previous year and down 43.6% over ten years.
Over the whole period, insurance and financial services in India peaked at 13.1% in 2001 and was at its lowest, 2.9%, in 2025.
That places India 158th out of 197 countries with data for 2025, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 51 years of available data.
Insurance and financial services in India, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1975 | 5.8% | — |
| 1976 | 5.0% | -14.7% |
| 1977 | 5.2% | +3.9% |
| 1978 | 5.7% | +11.0% |
| 1979 | 5.5% | -3.7% |
| 1980 | 5.4% | -2.4% |
| 1981 | 5.0% | -6.4% |
| 1982 | 4.8% | -4.6% |
| 1983 | 4.5% | -6.8% |
| 1984 | 4.8% | +7.2% |
| 1985 | 4.8% | +0.6% |
| 1986 | 4.8% | -0.6% |
| 1987 | 4.6% | -5.0% |
| 1988 | 5.2% | +13.1% |
| 1989 | 5.8% | +12.0% |
| 1990 | 5.8% | +0.0% |
| 1991 | 6.0% | +4.2% |
| 1992 | 6.1% | +1.0% |
| 1993 | 6.9% | +13.3% |
| 1994 | 6.1% | -11.3% |
| 1995 | 5.6% | -9.3% |
| 1996 | 5.3% | -3.9% |
| 1997 | 5.3% | -0.8% |
| 1998 | 4.4% | -16.5% |
| 1999 | 3.6% | -18.6% |
| 2000 | 11.1% | +207.0% |
| 2001 | 13.1% | +18.3% |
| 2002 | 11.2% | -14.5% |
| 2003 | 6.7% | -40.2% |
| 2004 | 7.2% | +8.0% |
| 2005 | 6.9% | -5.3% |
| 2006 | 8.0% | +16.2% |
| 2007 | 9.2% | +15.7% |
| 2008 | 8.5% | -8.1% |
| 2009 | 9.6% | +14.0% |
| 2010 | 10.5% | +8.8% |
| 2011 | 12.7% | +20.8% |
| 2012 | 8.6% | -32.5% |
| 2013 | 9.1% | +5.8% |
| 2014 | 6.6% | -27.4% |
| 2015 | 5.2% | -20.8% |
| 2016 | 6.6% | +27.5% |
| 2017 | 7.0% | +4.8% |
| 2018 | 4.5% | -34.6% |
| 2019 | 3.2% | -28.7% |
| 2020 | 5.7% | +75.3% |
| 2021 | 5.6% | -0.7% |
| 2022 | 4.7% | -17.1% |
| 2023 | 4.1% | -11.8% |
| 2024 | 3.8% | -7.4% |
| 2025 | 2.9% | -23.0% |
India compared with similar countries
- India's 2.9% is below the median for lower middle income countries, which is 6.5%, 45% of the median. (47 countries reporting)
- India's 2.9% is below the median for South Asia, which is 5.0%, 59% of the median. (6 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in India 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 |
|---|---|---|---|
| 2000 | +207.0% | 3.6% | 11.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.4% | 5.0% | 5.8% | 5 |
| 1980s | 5.0% | 4.5% | 5.8% | 10 |
| 1990s | 5.5% | 3.6% | 6.9% | 10 |
| 2000s | 9.1% | 6.7% | 13.1% | 10 |
| 2010s | 7.4% | 3.2% | 12.7% | 10 |
| 2020s | 4.5% | 2.9% | 5.7% | 6 |
Countries ranked near India
More private sector data for India
- Merchandise trade 30.3% (2025)
- Food imports 5.1% (2024)
- Manufactures imports 46.5% (2024)
- Merchandise imports 753.48 billion current US$ (2025)
- Food exports 11.1% (2024)
- Manufactures exports 67.1% (2024)
- Merchandise exports 445.28 billion current US$ (2025)
- Merchandise exports (current US$), per capita 304.18 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1126 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 0.5401 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in India?
- Insurance and financial services in India was 2.9% 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 India?
- The highest recorded value was 13.1% in 2001.
- What is the lowest insurance and financial services recorded in India?
- The lowest recorded value was 2.9% in 2025.
- How does India rank for insurance and financial services?
- India ranks 158th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in India?
- Over the last ten years it is down 43.6%. The long-run trend across the full record is rising.
- Where does this India 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 — 51 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.