Insurance, pension services’ exports grow by 27.79 percent

March 4, 2019: The insurance and pensions services by Pakistan in other countries increased by 27.79 percent during the first half of current fiscal year (2018-19) compared to the corresponding period of last year, an official data by Pakistan Bureau of Statistics revealed.

Pakistan earned $21.684 million by exporting services of insurance and pensions during July-December (2018-19) compared to the $16.968 exports of the same services during July-December (2017-18), showing growth of 27.79 percent.

The bread up figures show that the direct insurance including life insurance, freight insurance and other direct insurances, grew by 35.22 percent, from $9.240 million last year to $12.494 million during the current fiscal year.

The life insurance grew from $0.352 million to $354 million, a growth of 0.57 percent whereas freight insurance declined from minimal exports of $0.010 million to zero exports whereas the exports of all other direct insurance increased from $8.878 million last year to $12.140 million, a growth of 36.74 percent.

Meanwhile, the reinsurance services’ exports increased by 10.91 percent, from $6.305 million last year to $6.993 million during the current year.

The auxiliary insurance services’ exports also increased from $1.423 million last year to $2.197 million, showing upward trends of 54.39 percent.

Meanwhile, on year-on-year basis, the overall exports of insurance and pension services witnessed an increase of $32.82 million during the month of December 2018, as compared to December 2017. The exports of these services stood at $3.990 million during December 2018 against the exports of $3.004 million.

On month-on-month basis, the exports of insurance and pension services during December 2018 increased by 25.47 percent when compared to the exports of $3.180 million during November 2018.

It is pertinent to mention that the overall services trade deficit during the first half of the current fiscal year (July-December) shrank by 29.11 percent compared to the corresponding period of last year.

The services trade deficit during July-December (2018-19) was recorded at $1.945 billion against the deficit of $2.744 billion during July-December (2017-18), showing decline of 29.11 percent, official data revealed.

 (APP)