Insurance and financial services (% of commercial service imports)

This indicator represents the share of imported commercial services that encompass a broad range of insurance and financial activities vital for international trade. It includes freight insurance, which safeguards the value of imported goods against potential losses, and various forms of direct insurance, such as life and health coverage. Additionally, it reflects financial intermediation services that facilitate transactions through commissions, foreign exchange operations, and brokerage, significantly enhancing market liquidity. Also included are auxiliary services that support the efficient functioning of financial markets, covering operational management and compliance with regulatory frameworks. This metric not only highlights the importance of risk management in global trade but also underscores the role of sophisticated financial services in fostering economic resilience and growth. Source: