Insurance and financial services as a percentage of service exports from the balance of payment fell 25.5% to 1.11% in Papua New Guinea in 2023, according to the National Central Bank / OECD.
Historically, insurance and financial services as a percentage of service exports from the balance of payment in Papua New Guinea reached an all time high of 21.3% in 2019 and an all time low of 0.458% in 1976. When compared to Papua New Guinea's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Australia amounted to 5.77%, 6.54% in Indonesia, 2.76% in New Zealand and 0.805% in Philippines in 2023.
Papua New Guinea has been ranked 114th within the group of 142 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 56 places below the position seen 10 years ago.
| Insurance and Financial Services (As % of Service Exports, BoP) | Unit | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| Australia | % | 5.59% | 5.50% | 7.63% | 9.67% | 7.54% | ||||||||||||||||
| China | % | 3.54% | 3.56% | 3.42% | 2.82% | 2.45% | ||||||||||||||||
| Indonesia | % | 2.63% | 1.98% | 5.38% | 7.80% | 4.85% | ||||||||||||||||
| Malaysia | % | 2.28% | 2.43% | 4.73% | 5.04% | 3.70% | ||||||||||||||||
| New Zealand | % | 3.48% | 0.229% | 4.09% | 5.02% | 4.30% | ||||||||||||||||
| Papua New Guinea | % | 9.80% | 21.3% | 3.85% | 1.54% | 1.49% | ... | |||||||||||||||
| Philippines | % | 0.952% | 0.784% | 0.520% | 0.877% | 0.835% | ||||||||||||||||
| Singapore | % | 18.2% | 17.8% | 19.4% | 16.3% | 14.4% | ||||||||||||||||
| Taiwan | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
| Vietnam | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
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