Insurance and financial services in Africa Western and Central
Africa Western and Central: Insurance and financial services was 18.5% in 2024. ◆ Volatile
Insurance and financial services in Africa Western and Central, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
The most recent figure for insurance and financial services in Africa Western and Central is 18.5%, measured in 2024. That is the highest value across all 48 years on record.
That represents a change of up 28.8% on the previous year and up 508.4% over ten years.
Over the whole period, insurance and financial services in Africa Western and Central peaked at 18.5% in 2024 and was at its lowest, 1.4%, in 2000.
That places Africa Western and Central 2nd out of 45 groups with data for 2024, putting it in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Africa Western and Central, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1977 | 2.8% | — |
| 1978 | 4.9% | +74.4% |
| 1979 | 5.3% | +6.9% |
| 1980 | 4.5% | -14.3% |
| 1981 | 3.5% | -23.4% |
| 1982 | 3.4% | -1.0% |
| 1983 | 3.1% | -8.4% |
| 1984 | 3.7% | +17.2% |
| 1985 | 4.8% | +30.6% |
| 1986 | 3.1% | -36.2% |
| 1987 | 3.1% | +1.2% |
| 1988 | 2.0% | -36.6% |
| 1989 | 2.9% | +47.4% |
| 1990 | 3.0% | +2.4% |
| 1991 | 2.3% | -23.2% |
| 1992 | 2.0% | -10.8% |
| 1993 | 2.5% | +23.0% |
| 1994 | 2.2% | -12.1% |
| 1995 | 2.2% | +1.1% |
| 1996 | 2.0% | -8.9% |
| 1997 | 2.1% | +1.1% |
| 1998 | 1.9% | -7.1% |
| 1999 | 1.7% | -11.0% |
| 2000 | 1.4% | -18.0% |
| 2001 | 2.9% | +104.7% |
| 2002 | 1.6% | -43.9% |
| 2003 | 2.2% | +37.8% |
| 2004 | 1.9% | -13.1% |
| 2005 | 4.0% | +110.8% |
| 2006 | 3.2% | -21.8% |
| 2007 | 3.4% | +6.5% |
| 2008 | 2.7% | -19.9% |
| 2009 | 3.7% | +39.3% |
| 2010 | 3.2% | -14.9% |
| 2011 | 2.2% | -29.9% |
| 2012 | 3.8% | +71.0% |
| 2013 | 2.8% | -26.7% |
| 2014 | 3.0% | +8.2% |
| 2015 | 3.5% | +14.1% |
| 2016 | 4.0% | +16.4% |
| 2017 | 4.1% | +0.7% |
| 2018 | 6.5% | +59.8% |
| 2019 | 5.4% | -16.3% |
| 2020 | 12.2% | +124.6% |
| 2021 | 13.8% | +13.0% |
| 2022 | 12.9% | -6.1% |
| 2023 | 14.3% | +10.8% |
| 2024 | 18.5% | +28.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.3% | 2.8% | 5.3% | 3 |
| 1980s | 3.4% | 2.0% | 4.8% | 10 |
| 1990s | 2.2% | 1.7% | 3.0% | 10 |
| 2000s | 2.7% | 1.4% | 4.0% | 10 |
| 2010s | 3.9% | 2.2% | 6.5% | 10 |
| 2020s | 14.3% | 12.2% | 18.5% | 5 |
Countries ranked near Africa Western and Central
- 1 Libya 94.1% compare
- 2 Luxembourg 59.8% compare
- 3 Cayman Islands 55.2% compare
- 4 Sierra Leone 32.7% compare
- 5 Bahrain 31.3% compare
More economy & growth data for Africa Western and Central
- GDP (current US$), per capita 1,600 current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 6.07 billion BoP, current US$ (2025)
- Services, value added 423.32 billion current US$ (2025)
- Services, value added 528.98 billion constant 2015 US$ (2025)
- Services, value added 49.7% (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 2.34 BoP, current US$ per person (2025)
- GDP (constant 2015 US$), per capita 1,860 constant 2015 US$ per person (2025)
- GDP (constant 2015 US$), per unit of GDP 1.16 constant 2015 US$ per US$ of GDP (2025)
- Industry (including construction), value added 23.2% (2025)
- GDP (constant 2015 US$), annual growth rate 4.6 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Africa Western and Central?
- Insurance and financial services in Africa Western and Central was 18.5% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Africa Western and Central?
- The highest recorded value was 18.5% in 2024.
- What is the lowest insurance and financial services recorded in Africa Western and Central?
- The lowest recorded value was 1.4% in 2000.
- How does Africa Western and Central rank for insurance and financial services?
- Africa Western and Central ranks 2nd out of 45 groups with data for 2024.
- Is insurance and financial services rising or falling in Africa Western and Central?
- Over the last ten years it is up 508.4%. The long-run trend across the full record is volatile.
- Where does this Africa Western and Central data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service exports, BoP). Statizoid updates them automatically from the source API.
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.