Insurance and financial services in Benin
Benin: Insurance and financial services was 11.2% in 2023. ◆ Volatile
Insurance and financial services in Benin, 1974–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
In 2023, insurance and financial services in Benin stood at 11.2%.
Compared with earlier readings it is up 183.9% on the previous year and up 464.1% over ten years.
Over the whole period, insurance and financial services in Benin peaked at 24.8% in 2018 and was at its lowest, 0.5%, in 2003.
Benin ranks 24th of 190 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Benin, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1974 | 3.4% | — |
| 1975 | 3.8% | +12.3% |
| 1976 | 1.9% | -50.9% |
| 1977 | 2.5% | +35.9% |
| 1978 | 1.9% | -26.1% |
| 1979 | 2.6% | +39.7% |
| 1980 | 2.3% | -12.9% |
| 1981 | 2.2% | -2.4% |
| 1982 | 2.2% | +0.7% |
| 1983 | 2.3% | +4.2% |
| 1984 | 1.9% | -18.3% |
| 1988 | 5.0% | +160.0% |
| 1989 | 4.4% | -11.7% |
| 1990 | 5.9% | +36.0% |
| 1991 | 4.9% | -16.9% |
| 1992 | 7.1% | +43.1% |
| 1993 | 6.2% | -12.5% |
| 1994 | 5.0% | -18.5% |
| 1995 | 5.7% | +12.9% |
| 1996 | 2.6% | -54.2% |
| 1997 | 3.2% | +24.5% |
| 1998 | 4.7% | +44.1% |
| 1999 | 3.6% | -23.8% |
| 2000 | 2.2% | -38.9% |
| 2001 | 2.1% | -3.0% |
| 2002 | 2.5% | +20.2% |
| 2003 | 0.5% | -81.0% |
| 2004 | 1.4% | +193.1% |
| 2005 | 2.1% | +49.1% |
| 2006 | 2.2% | +6.2% |
| 2007 | 2.0% | -8.5% |
| 2008 | 2.1% | +3.5% |
| 2009 | 2.3% | +8.5% |
| 2010 | 2.1% | -9.9% |
| 2011 | 0.8% | -60.2% |
| 2012 | 10.7% | +1200.2% |
| 2013 | 2.0% | -81.5% |
| 2014 | 3.7% | +88.5% |
| 2015 | 4.8% | +28.4% |
| 2016 | 3.7% | -22.0% |
| 2017 | 3.9% | +4.5% |
| 2018 | 24.8% | +534.4% |
| 2019 | 11.4% | -54.1% |
| 2020 | 10.0% | -12.5% |
| 2021 | 5.6% | -43.7% |
| 2022 | 3.9% | -29.8% |
| 2023 | 11.2% | +183.9% |
Benin compared with similar countries
- Benin's 11.2% is above the median for lower middle income countries, which is 1.6%, 6.8× the median. (46 countries reporting)
- Benin's 11.2% is above the median for Sub-Saharan Africa, which is 3.1%, 3.6× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Benin changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2012 | +1200.2% | 0.8% | 10.7% |
| 2018 | +534.4% | 3.9% | 24.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 2.7% | 1.9% | 3.8% | 6 |
| 1980s | 2.9% | 1.9% | 5.0% | 7 |
| 1990s | 4.9% | 2.6% | 7.1% | 10 |
| 2000s | 2.0% | 0.5% | 2.5% | 10 |
| 2010s | 6.8% | 0.8% | 24.8% | 10 |
| 2020s | 7.7% | 3.9% | 11.2% | 4 |
Countries ranked near Benin
More economy & growth data for Benin
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.42 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.03 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 60.28 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0028 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 4.17 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 543.01 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 22.59 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0253 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 37.55 BoP, current US$ per person (2024)
- General government final consumption expenditure (current US$) 12.54 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Benin?
- Insurance and financial services in Benin was 11.2% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Benin?
- The highest recorded value was 24.8% in 2018.
- What is the lowest insurance and financial services recorded in Benin?
- The lowest recorded value was 0.5% in 2003.
- How does Benin rank for insurance and financial services?
- Benin ranks 24th out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Benin?
- Over the last ten years it is up 464.1%. The long-run trend across the full record is volatile.
- Where does this Benin 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.
Download this data
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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.