Insurance and financial services in Small states
Small states: Insurance and financial services was 7.8% in 2024. ▲ Rising
Insurance and financial services in Small states, 1992–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Small states recorded 7.8% for insurance and financial services in 2024.
That represents a change of up 4.0% on the previous year and down 28.3% over ten years.
Over the whole period, insurance and financial services in Small states peaked at 12.1% in 2010 and was at its lowest, 4.7%, in 2002.
That places Small states 27th 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 30 years of available data.
Insurance and financial services in Small states, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1992 | 6.9% | — |
| 1993 | 7.3% | +5.7% |
| 1994 | 7.0% | -3.7% |
| 1995 | 7.1% | +0.4% |
| 1996 | 6.1% | -13.1% |
| 1997 | 5.4% | -12.8% |
| 1998 | 5.1% | -3.9% |
| 1999 | 4.9% | -5.0% |
| 2000 | 4.9% | +0.2% |
| 2001 | 5.6% | +14.5% |
| 2002 | 4.7% | -16.1% |
| 2006 | 9.8% | +108.2% |
| 2007 | 9.5% | -3.1% |
| 2008 | 9.0% | -5.0% |
| 2009 | 8.7% | -3.9% |
| 2010 | 12.1% | +40.0% |
| 2011 | 11.0% | -9.2% |
| 2012 | 10.3% | -6.5% |
| 2013 | 10.3% | -0.1% |
| 2014 | 10.8% | +5.1% |
| 2015 | 9.7% | -9.9% |
| 2016 | 9.7% | -0.2% |
| 2017 | 6.9% | -28.7% |
| 2018 | 7.5% | +8.7% |
| 2019 | 7.3% | -2.6% |
| 2020 | 9.5% | +29.9% |
| 2021 | 9.1% | -4.3% |
| 2022 | 10.8% | +18.5% |
| 2023 | 7.5% | -31.1% |
| 2024 | 7.8% | +4.0% |
Biggest year-on-year movements
Years where Insurance and financial services in Small states 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 |
|---|---|---|---|
| 2006 | +108.2% | 4.7% | 9.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.2% | 4.9% | 7.3% | 8 |
| 2000s | 7.5% | 4.7% | 9.8% | 7 |
| 2010s | 9.6% | 6.9% | 12.1% | 10 |
| 2020s | 8.9% | 7.5% | 10.8% | 5 |
Countries ranked near Small states
- 24 Ecuador 14.2% compare
- 25 Iran, Islamic Republic of 13.5% compare
- 26 Saint Vincent and the Grenadines 13.5% compare
- 27 Ethiopia 13.3% compare
- 28 Dominica 13.0% compare
- 29 New Zealand 13.0% compare
- 30 Japan 12.9% compare
More private sector data for Small states
- Merchandise trade 70.4% (2025)
- Food imports 16.0% (2024)
- Manufactures imports 60.8% (2024)
- Merchandise imports 141.38 billion current US$ (2025)
- Food exports 19.2% (2024)
- Manufactures exports 43.9% (2024)
- Merchandise exports 100.88 billion current US$ (2025)
- Merchandise exports (current US$), per capita 4,958 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2991 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 2.68 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Small states?
- Insurance and financial services in Small states was 7.8% 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 Small states?
- The highest recorded value was 12.1% in 2010.
- What is the lowest insurance and financial services recorded in Small states?
- The lowest recorded value was 4.7% in 2002.
- How does Small states rank for insurance and financial services?
- Small states ranks 27th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Small states?
- Over the last ten years it is down 28.3%. The long-run trend across the full record is rising.
- Where does this Small states 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.