Insurance and financial services in Cameroon
Cameroon: Insurance and financial services was 3.8% in 2024. ▼ Falling
Insurance and financial services in Cameroon, 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 Cameroon is 3.8%, measured in 2024.
The figure is up 17.8% on the previous year and down 27.7% over ten years.
Over the whole period, insurance and financial services in Cameroon peaked at 9.6% in 2017 and was at its lowest, 0.3%, in 1988.
That places Cameroon 78th out of 190 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 48 years of available data.
Insurance and financial services in Cameroon, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1977 | 6.4% | — |
| 1978 | 5.3% | -17.1% |
| 1979 | 5.5% | +3.8% |
| 1980 | 5.2% | -6.0% |
| 1981 | 4.4% | -14.4% |
| 1982 | 6.1% | +37.9% |
| 1983 | 4.7% | -22.3% |
| 1984 | 7.4% | +56.2% |
| 1985 | 7.3% | -1.9% |
| 1986 | 6.6% | -8.9% |
| 1987 | 6.3% | -4.3% |
| 1988 | 0.3% | -94.6% |
| 1989 | 7.8% | +2182.4% |
| 1990 | 9.1% | +15.7% |
| 1991 | 4.1% | -55.1% |
| 1992 | 3.7% | -8.6% |
| 1993 | 8.5% | +127.6% |
| 1994 | 5.1% | -39.7% |
| 1995 | 5.7% | +11.6% |
| 1996 | 2.7% | -53.0% |
| 1997 | 2.1% | -20.3% |
| 1998 | 2.2% | +3.2% |
| 1999 | 1.8% | -18.7% |
| 2000 | 2.5% | +38.8% |
| 2001 | 5.9% | +135.7% |
| 2002 | 1.3% | -78.5% |
| 2003 | 5.8% | +359.4% |
| 2004 | 4.5% | -22.5% |
| 2005 | 5.2% | +16.5% |
| 2006 | 1.5% | -70.8% |
| 2007 | 3.1% | +105.8% |
| 2008 | 3.9% | +23.8% |
| 2009 | 4.8% | +24.6% |
| 2010 | 3.8% | -21.5% |
| 2011 | 2.7% | -30.0% |
| 2012 | 5.0% | +86.3% |
| 2013 | 5.2% | +5.3% |
| 2014 | 5.3% | +0.5% |
| 2015 | 5.3% | +0.9% |
| 2016 | 5.8% | +10.0% |
| 2017 | 9.6% | +64.0% |
| 2018 | 9.2% | -3.6% |
| 2019 | 7.8% | -15.1% |
| 2020 | 6.0% | -23.4% |
| 2021 | 3.6% | -39.4% |
| 2022 | 4.0% | +10.0% |
| 2023 | 3.2% | -19.3% |
| 2024 | 3.8% | +17.8% |
Cameroon compared with similar countries
- Cameroon's 3.8% is above the median for lower middle income countries, which is 1.6%, 2.3× the median. (46 countries reporting)
- Cameroon's 3.8% is above the median for Sub-Saharan Africa, which is 3.1%, 1.2× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Cameroon 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 |
|---|---|---|---|
| 1989 | +2182.4% | 0.3% | 7.8% |
| 2003 | +359.4% | 1.3% | 5.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.7% | 5.3% | 6.4% | 3 |
| 1980s | 5.6% | 0.3% | 7.8% | 10 |
| 1990s | 4.5% | 1.8% | 9.1% | 10 |
| 2000s | 3.9% | 1.3% | 5.9% | 10 |
| 2010s | 6.0% | 2.7% | 9.6% | 10 |
| 2020s | 4.1% | 3.2% | 6.0% | 5 |
Countries ranked near Cameroon
More economy & growth data for Cameroon
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.05 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.53 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 63.42 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0012 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 2.18 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 888.22 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 8.12 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0167 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 30.5 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 3.68 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Cameroon?
- Insurance and financial services in Cameroon was 3.8% 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 Cameroon?
- The highest recorded value was 9.6% in 2017.
- What is the lowest insurance and financial services recorded in Cameroon?
- The lowest recorded value was 0.3% in 1988.
- How does Cameroon rank for insurance and financial services?
- Cameroon ranks 78th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Cameroon?
- Over the last ten years it is down 27.7%. The long-run trend across the full record is falling.
- Where does this Cameroon 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.