Insurance and financial services (% of service imports, BoP)

This indicator encompasses a diverse range of transactions involving insurance and financial services between residents and non-residents. It includes all forms of insurance products offered by domestic firms to foreign clients, alongside those provided by foreign firms to domestic clients. Additionally, it captures the intricate financial intermediary activities, such as banking services and investment management, that facilitate monetary flow and capital markets engagement across borders, excluding those strictly tied to insurance or pension funds. By analyzing this metric, stakeholders can assess a country's reliance on cross-border financial engagements, gauge its competitiveness in global markets, and understand the robustness of its financial service sector in meeting international demands. Source: