Insurance and financial services in Papua New Guinea
Papua New Guinea: Insurance and financial services was 2.1% in 2024. ◆ Volatile
Insurance and financial services in Papua New Guinea, 1976–2024
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 Papua New Guinea is 2.1%, measured in 2024.
Compared with earlier readings it is down 70.4% on the previous year and down 71.0% over ten years.
Over the whole period, insurance and financial services in Papua New Guinea peaked at 17.9% in 2008 and was at its lowest, 1.8%, in 1993.
That places Papua New Guinea 174th out of 197 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Papua New Guinea, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1976 | 3.8% | — |
| 1977 | 4.5% | +20.4% |
| 1978 | 5.1% | +11.5% |
| 1979 | 5.1% | +1.2% |
| 1980 | 5.3% | +3.6% |
| 1981 | 4.7% | -11.1% |
| 1982 | 4.2% | -11.0% |
| 1983 | 4.3% | +1.6% |
| 1984 | 3.9% | -9.5% |
| 1985 | 3.7% | -3.3% |
| 1986 | 4.2% | +12.0% |
| 1987 | 4.0% | -3.9% |
| 1988 | 3.8% | -4.5% |
| 1989 | 4.8% | +26.5% |
| 1990 | 4.0% | -18.3% |
| 1991 | 2.8% | -28.2% |
| 1992 | 2.0% | -28.8% |
| 1993 | 1.8% | -9.7% |
| 1994 | 3.2% | +74.2% |
| 1995 | 2.8% | -12.1% |
| 1996 | 7.6% | +170.9% |
| 1997 | 6.9% | -9.7% |
| 1998 | 6.2% | -10.1% |
| 1999 | 6.4% | +4.0% |
| 2000 | 5.2% | -18.8% |
| 2001 | 7.3% | +40.2% |
| 2002 | 7.6% | +4.6% |
| 2003 | 9.4% | +23.1% |
| 2004 | 11.4% | +21.5% |
| 2005 | 10.3% | -10.0% |
| 2006 | 9.3% | -8.9% |
| 2007 | 17.1% | +83.2% |
| 2008 | 17.9% | +4.6% |
| 2009 | 13.8% | -22.8% |
| 2010 | 12.8% | -7.2% |
| 2011 | 7.3% | -42.8% |
| 2012 | 6.1% | -16.3% |
| 2013 | 6.2% | +1.6% |
| 2014 | 7.2% | +16.3% |
| 2015 | 2.6% | -63.8% |
| 2016 | 2.3% | -13.8% |
| 2017 | 2.6% | +17.0% |
| 2018 | 2.1% | -21.9% |
| 2019 | 2.9% | +38.4% |
| 2020 | 2.3% | -18.0% |
| 2021 | 3.5% | +49.4% |
| 2022 | 1.9% | -46.2% |
| 2023 | 7.1% | +277.3% |
| 2024 | 2.1% | -70.4% |
Papua New Guinea compared with similar countries
- Papua New Guinea's 2.1% is below the median for lower middle income countries, which is 6.5%, 32% of the median. (47 countries reporting)
- Papua New Guinea's 2.1% is below the median for East Asia & Pacific, which is 5.2%, 40% of the median. (32 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Papua New Guinea 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 |
|---|---|---|---|
| 2023 | +277.3% | 1.9% | 7.1% |
| 1996 | +170.9% | 2.8% | 7.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.6% | 3.8% | 5.1% | 4 |
| 1980s | 4.3% | 3.7% | 5.3% | 10 |
| 1990s | 4.4% | 1.8% | 7.6% | 10 |
| 2000s | 10.9% | 5.2% | 17.9% | 10 |
| 2010s | 5.2% | 2.1% | 12.8% | 10 |
| 2020s | 3.4% | 1.9% | 7.1% | 5 |
Countries ranked near Papua New Guinea
More private sector data for Papua New Guinea
- Merchandise trade 62.0% (2025)
- Food imports 16.5% (2023)
- Manufactures imports 64.7% (2023)
- Merchandise imports 4.62 billion current US$ (2025)
- Food exports 19.7% (2023)
- Manufactures exports 1.8% (2023)
- Merchandise exports 15.54 billion current US$ (2025)
- Merchandise exports (current US$), per capita 1,444 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.4782 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 11.21 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Papua New Guinea?
- Insurance and financial services in Papua New Guinea was 2.1% 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 Papua New Guinea?
- The highest recorded value was 17.9% in 2008.
- What is the lowest insurance and financial services recorded in Papua New Guinea?
- The lowest recorded value was 1.8% in 1993.
- How does Papua New Guinea rank for insurance and financial services?
- Papua New Guinea ranks 174th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Papua New Guinea?
- Over the last ten years it is down 71.0%. The long-run trend across the full record is volatile.
- Where does this Papua New Guinea 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.