Insurance and financial services in Kenya
Kenya: Insurance and financial services was 10.3% in 2024. ◆ Volatile
Insurance and financial services in Kenya, 1975–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
In 2024, insurance and financial services in Kenya stood at 10.3%.
That represents a change of down 20.9% on the previous year and up 82.3% over ten years.
Over the whole period, insurance and financial services in Kenya peaked at 15.3% in 2018 and was at its lowest, 0.3%, in 2007.
Kenya ranks 29th 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 Kenya, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1975 | 1.3% | — |
| 1976 | 1.8% | +32.5% |
| 1977 | 1.2% | -30.6% |
| 1978 | 1.1% | -11.7% |
| 1979 | 1.5% | +37.0% |
| 1980 | 0.8% | -47.2% |
| 1981 | 0.7% | -5.1% |
| 1982 | 0.9% | +26.2% |
| 1983 | 1.1% | +13.2% |
| 1984 | 1.0% | -5.6% |
| 1985 | 0.7% | -26.4% |
| 1986 | 0.6% | -22.9% |
| 1987 | 0.5% | -9.6% |
| 1988 | 0.6% | +11.4% |
| 1989 | 0.6% | -4.0% |
| 1990 | 0.4% | -18.8% |
| 1991 | 0.5% | +7.0% |
| 1992 | 0.5% | +9.2% |
| 1993 | 0.4% | -29.4% |
| 1994 | 0.3% | -13.9% |
| 1995 | 1.1% | +233.5% |
| 1996 | 1.1% | +8.4% |
| 1997 | 0.8% | -30.9% |
| 1998 | 0.6% | -29.9% |
| 1999 | 0.3% | -46.8% |
| 2000 | 0.4% | +24.8% |
| 2001 | 0.3% | -13.9% |
| 2002 | 1.1% | +233.5% |
| 2003 | 1.1% | +8.4% |
| 2004 | 0.8% | -30.9% |
| 2005 | 0.6% | -29.9% |
| 2006 | 0.3% | -46.1% |
| 2007 | 0.3% | -13.6% |
| 2008 | 0.3% | +23.7% |
| 2009 | 0.5% | +52.8% |
| 2010 | 3.7% | +665.8% |
| 2011 | 4.6% | +23.9% |
| 2012 | 5.8% | +25.5% |
| 2013 | 6.2% | +6.3% |
| 2014 | 5.7% | -8.5% |
| 2015 | 7.2% | +27.8% |
| 2016 | 8.8% | +21.0% |
| 2017 | 12.8% | +45.8% |
| 2018 | 15.3% | +20.0% |
| 2019 | 11.5% | -25.1% |
| 2020 | 14.5% | +25.8% |
| 2021 | 12.4% | -14.5% |
| 2022 | 11.3% | -8.4% |
| 2023 | 13.1% | +15.3% |
| 2024 | 10.3% | -20.9% |
Kenya compared with similar countries
- Kenya's 10.3% is above the median for lower middle income countries, which is 1.6%, 6.3× the median. (46 countries reporting)
- Kenya's 10.3% is above the median for Sub-Saharan Africa, which is 3.1%, 3.3× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Kenya 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 |
|---|---|---|---|
| 2010 | +665.8% | 0.5% | 3.7% |
| 1995 | +233.5% | 0.3% | 1.1% |
| 2002 | +233.5% | 0.3% | 1.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.4% | 1.1% | 1.8% | 5 |
| 1980s | 0.7% | 0.5% | 1.1% | 10 |
| 1990s | 0.6% | 0.3% | 1.1% | 10 |
| 2000s | 0.6% | 0.3% | 1.1% | 10 |
| 2010s | 8.2% | 3.7% | 15.3% | 10 |
| 2020s | 12.3% | 10.3% | 14.5% | 5 |
Countries ranked near Kenya
- 26 Algeria 10.6% compare
- 27 Iran, Islamic Republic of 10.5% compare
- 28 Guyana 10.4% compare
- 30 Tajikistan 10.2% compare
- 31 Panama 9.8% compare
- 32 South Sudan 9.8% compare
More economy & growth data for Kenya
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.28 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5.26 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 417.66 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0035 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 7.4 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 463.44 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -8.77 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0038 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 8.21 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 23.12 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Kenya?
- Insurance and financial services in Kenya was 10.3% 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 Kenya?
- The highest recorded value was 15.3% in 2018.
- What is the lowest insurance and financial services recorded in Kenya?
- The lowest recorded value was 0.3% in 2007.
- How does Kenya rank for insurance and financial services?
- Kenya ranks 29th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Kenya?
- Over the last ten years it is up 82.3%. The long-run trend across the full record is volatile.
- Where does this Kenya 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.