Insurance and financial services (% of commercial service imports) in Libya
Libya: Insurance and financial services (% of commercial service imports) was 27.7% in 2023. ◆ Volatile
Insurance and financial services in Libya, 1977–2023
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 Libya stood at 27.7%.
That represents a change of up 7.0% on the previous year and up 24.6% over ten years.
Over the whole period, insurance and financial services in Libya peaked at 40.0% in 2015 and was at its lowest, 0.5%, in 2001.
That places Libya 4th out of 197 countries with data for 2023, putting it in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services (% of commercial service imports) in Libya, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 5.0% | — |
| 1978 | 5.3% | +4.5% |
| 1979 | 5.7% | +7.3% |
| 1980 | 5.8% | +2.5% |
| 1981 | 6.7% | +15.3% |
| 1982 | 6.3% | -5.2% |
| 1983 | 5.1% | -18.7% |
| 1984 | 5.0% | -2.1% |
| 1985 | 4.4% | -12.1% |
| 1986 | 6.1% | +38.2% |
| 1987 | 5.8% | -4.6% |
| 1988 | 3.1% | -46.2% |
| 1989 | 3.2% | +3.0% |
| 1990 | 4.1% | +26.1% |
| 2000 | 0.6% | -85.0% |
| 2001 | 0.5% | -15.5% |
| 2002 | 1.8% | +244.5% |
| 2003 | 4.5% | +152.7% |
| 2004 | 6.7% | +47.8% |
| 2005 | 8.5% | +26.7% |
| 2006 | 8.5% | +0.7% |
| 2007 | 7.7% | -9.2% |
| 2008 | 6.8% | -12.4% |
| 2009 | 13.7% | +102.5% |
| 2010 | 12.4% | -9.7% |
| 2011 | 7.0% | -43.5% |
| 2012 | 20.0% | +186.2% |
| 2013 | 22.2% | +11.0% |
| 2014 | 37.3% | +67.9% |
| 2015 | 40.0% | +7.0% |
| 2016 | 30.6% | -23.4% |
| 2017 | 22.7% | -25.9% |
| 2018 | 25.6% | +12.7% |
| 2019 | 29.2% | +14.3% |
| 2020 | 27.4% | -6.4% |
| 2021 | 24.1% | -11.9% |
| 2022 | 25.9% | +7.4% |
| 2023 | 27.7% | +7.0% |
Libya compared with similar countries
- Libya's 27.7% is above the median for upper middle income countries, which is 6.4%, 4.3× the median. (55 countries reporting)
- Libya's 27.7% is above the median for Middle East, North Africa, Afghanistan & Pakistan, which is 6.7%, 4.1× the median. (22 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services (% of commercial service imports) in Libya 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 |
|---|---|---|---|
| 2002 | +244.5% | 0.5% | 1.8% |
| 2012 | +186.2% | 7.0% | 20.0% |
| 2003 | +152.7% | 1.8% | 4.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.3% | 5.0% | 5.7% | 3 |
| 1980s | 5.2% | 3.1% | 6.7% | 10 |
| 1990s | 4.1% | 4.1% | 4.1% | 1 |
| 2000s | 5.9% | 0.5% | 13.7% | 10 |
| 2010s | 24.7% | 7.0% | 40.0% | 10 |
| 2020s | 26.3% | 24.1% | 27.7% | 4 |
Countries ranked near Libya
- 1 Luxembourg 44.6% compare
- 2 Bahrain 33.8% compare
- 3 Cayman Islands 30.3% compare
- 5 Macao 23.7% compare
- 6 United States 23.6% compare
- 7 Iraq 21.4% compare
More private sector data for Libya
- Merchandise trade 102.7% (2025)
- Food imports 21.6% (2019)
- Manufactures imports 62.7% (2019)
- Merchandise imports 19.31 billion current US$ (2025)
- Commercial service imports 9.30 billion current US$ (2023)
- Food exports 0.1% (2019)
- Manufactures exports 0.6% (2019)
- Merchandise exports 30.09 billion current US$ (2025)
- Commercial service exports 628.90 million current US$ (2023)
- Merchandise exports (current US$), per capita 4,034 current US$ per person (2025)
Frequently asked questions
- What is insurance and financial services in Libya?
- Insurance and financial services in Libya was 27.7% 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 Libya?
- The highest recorded value was 40.0% in 2015.
- What is the lowest insurance and financial services recorded in Libya?
- The lowest recorded value was 0.5% in 2001.
- How does Libya rank for insurance and financial services?
- Libya ranks 4th out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Libya?
- Over the last ten years it is up 24.6%. The long-run trend across the full record is volatile.
- Where does this Libya 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.