Insurance and financial services in Malaysia
Malaysia: Insurance and financial services was 5.9% in 2024. ▲ Rising
Insurance and financial services in Malaysia, 1999–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Malaysia recorded 5.9% for insurance and financial services in 2024.
Compared with earlier readings it is down 4.2% on the previous year and down 16.1% over ten years.
Over the whole period, insurance and financial services in Malaysia peaked at 8.6% in 2020 and was at its lowest, 2.8%, in 2000.
That places Malaysia 107th out of 197 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 26 years of available data.
Insurance and financial services in Malaysia, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1999 | 3.0% | — |
| 2000 | 2.8% | -6.9% |
| 2001 | 3.2% | +16.1% |
| 2002 | 3.3% | +1.6% |
| 2003 | 3.4% | +4.6% |
| 2004 | 3.2% | -5.9% |
| 2005 | 2.9% | -9.7% |
| 2006 | 3.2% | +7.8% |
| 2007 | 3.1% | -1.3% |
| 2008 | 3.4% | +9.8% |
| 2009 | 3.8% | +11.7% |
| 2010 | 8.2% | +115.6% |
| 2011 | 7.9% | -3.6% |
| 2012 | 7.9% | -0.7% |
| 2013 | 7.2% | -9.2% |
| 2014 | 7.0% | -1.6% |
| 2015 | 7.0% | -0.5% |
| 2016 | 6.9% | -1.1% |
| 2017 | 6.7% | -2.6% |
| 2018 | 7.0% | +3.3% |
| 2019 | 6.9% | -0.3% |
| 2020 | 8.6% | +23.3% |
| 2021 | 8.5% | -1.1% |
| 2022 | 7.4% | -12.5% |
| 2023 | 6.2% | -16.8% |
| 2024 | 5.9% | -4.2% |
Malaysia compared with similar countries
- Malaysia's 5.9% is below the median for upper middle income countries, which is 6.3%, 94% of the median. (55 countries reporting)
- Malaysia's 5.9% is above the median for East Asia & Pacific, which is 5.2%, 1.1× the median. (32 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Malaysia 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 |
|---|---|---|---|
| 2010 | +115.6% | 3.8% | 8.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 3.0% | 3.0% | 3.0% | 1 |
| 2000s | 3.2% | 2.8% | 3.8% | 10 |
| 2010s | 7.3% | 6.7% | 8.2% | 10 |
| 2020s | 7.3% | 5.9% | 8.6% | 5 |
Countries ranked near Malaysia
- 104 Czechia 6.1% compare
- 105 Spain 6.0% compare
- 106 Palestine, State of 6.0% compare
- 108 South Africa 5.7% compare
- 109 Gabon 5.6% compare
- 110 Kazakhstan 5.6% compare
More private sector data for Malaysia
- Merchandise trade 151.7% (2025)
- Food imports 8.3% (2025)
- Manufactures imports 72.0% (2025)
- Merchandise imports 340.44 billion current US$ (2025)
- Food exports 10.4% (2025)
- Manufactures exports 72.7% (2025)
- Merchandise exports 376.04 billion current US$ (2025)
- Merchandise exports (current US$), per capita 10,452 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.7964 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 13.69 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Malaysia?
- Insurance and financial services in Malaysia was 5.9% 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 Malaysia?
- The highest recorded value was 8.6% in 2020.
- What is the lowest insurance and financial services recorded in Malaysia?
- The lowest recorded value was 2.8% in 2000.
- How does Malaysia rank for insurance and financial services?
- Malaysia ranks 107th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Malaysia?
- Over the last ten years it is down 16.1%. The long-run trend across the full record is rising.
- Where does this Malaysia 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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CSV · JSON — 26 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.