Insurance Sector Contributed 8.6% To Financial Sector


The National Bureau of Statistics (NBS) has said that the insurance sector only 8.6 percent to the financial sector.

This was disclosed in a report by the bureau for the Q4 2020.

It stated that the insurance sector shrunk by 12.05 percent, while the growth rate of financial institutions stood at 0.07 percent.

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The report stated, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 91.40 per cent and 8.6 per cent of the sector respectively in real terms in Q4 2020.

“As a whole, the sector grew at –1.10 per cent in nominal terms (year on year), with the growth rate of financial institutions as 0.07 per cent while –12.05 per cent was recorded for insurance.

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“The overall rate was lower than in Q4 2019 by –24.43 per cent points and –7.01 per cent points than the preceding quarter.”

Overall, the annual growth of the sector in 2020 was 11.98 percent, while the quarter-on-quarter growth stood at 26.88 percent.

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In the Q4 of 2020, the sector’s contribution to the country’s GDP (nominal) was 2.80 percent.

That contribution was 3.12 percent lower than was recorded in 2019.