Insurance and financial services (% of commercial service exports)

This indicator encompasses a range of services vital to global trade and economic stability, reflecting the importance of insurance and financial sectors in international commerce. It includes freight insurance for goods being shipped abroad, comprehensive insurance products like life coverage, and essential financial intermediation services, such as transaction commissions, currency exchange operations, and brokerage activities. Additionally, it captures auxiliary services that enable the efficient functioning of financial markets, including regulatory compliance and operational support. The value of these services not only bolsters trade resilience but also enhances economic growth by facilitating risk management and liquidity, ultimately contributing to a robust commercial services export framework. Source: