Insurance and financial services in Malawi
Malawi: Insurance and financial services was 1.7% in 2024. ◆ Volatile
Insurance and financial services in Malawi, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
Malawi recorded 1.7% for insurance and financial services in 2024.
Compared with earlier readings it is down 0.7% on the previous year and down 90.3% over ten years.
Over the whole period, insurance and financial services in Malawi peaked at 28.7% in 2017 and was at its lowest, 0.1%, in 1988.
Malawi ranks 118th of 190 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Malawi, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1977 | 1.7% | — |
| 1978 | 1.0% | -44.0% |
| 1979 | 0.8% | -20.3% |
| 1980 | 0.9% | +20.1% |
| 1981 | 0.5% | -42.3% |
| 1982 | 0.2% | -68.3% |
| 1983 | 0.3% | +74.0% |
| 1984 | 0.2% | -29.2% |
| 1985 | 0.3% | +60.6% |
| 1986 | 0.2% | -52.3% |
| 1987 | 0.1% | -20.5% |
| 1988 | 0.1% | -20.4% |
| 1989 | 0.1% | +17.0% |
| 1990 | 0.1% | -7.4% |
| 1991 | 0.1% | +26.3% |
| 1992 | 0.4% | +152.4% |
| 1993 | 0.3% | -22.1% |
| 2003 | 0.3% | +1.9% |
| 2004 | 0.4% | +45.3% |
| 2005 | 0.3% | -27.9% |
| 2006 | 0.3% | +4.4% |
| 2007 | 0.2% | -32.7% |
| 2008 | 4.5% | +2117.6% |
| 2009 | 0.3% | -94.2% |
| 2010 | 1.0% | +284.5% |
| 2011 | 16.8% | +1557.2% |
| 2012 | 17.7% | +5.3% |
| 2013 | 16.6% | -6.2% |
| 2014 | 17.2% | +3.4% |
| 2015 | 16.1% | -6.2% |
| 2016 | 18.8% | +16.5% |
| 2017 | 28.7% | +52.6% |
| 2018 | 21.3% | -25.7% |
| 2019 | 1.1% | -95.0% |
| 2020 | 0.8% | -27.6% |
| 2021 | 1.4% | +76.7% |
| 2022 | 2.9% | +116.1% |
| 2023 | 1.7% | -42.3% |
| 2024 | 1.7% | -0.7% |
Malawi compared with similar countries
- Malawi's 1.7% is below the median for low income countries, which is 2.5%, 67% of the median. (21 countries reporting)
- Malawi's 1.7% is below the median for Sub-Saharan Africa, which is 3.1%, 54% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Malawi 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 |
|---|---|---|---|
| 2008 | +2117.6% | 0.2% | 4.5% |
| 2011 | +1557.2% | 1.0% | 16.8% |
| 2010 | +284.5% | 0.3% | 1.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.2% | 0.8% | 1.7% | 3 |
| 1980s | 0.3% | 0.1% | 0.9% | 10 |
| 1990s | 0.2% | 0.1% | 0.4% | 4 |
| 2000s | 0.9% | 0.2% | 4.5% | 7 |
| 2010s | 15.5% | 1.0% | 28.7% | 10 |
| 2020s | 1.7% | 0.8% | 2.9% | 5 |
Countries ranked near Malawi
More economy & growth data for Malawi
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.07 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.6 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 56.42 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.005 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 2.61 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 257.97 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 20.57 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0228 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 11.91 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -29.8 % change on previous year (2020)
Frequently asked questions
- What is insurance and financial services in Malawi?
- Insurance and financial services in Malawi was 1.7% 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 Malawi?
- The highest recorded value was 28.7% in 2017.
- What is the lowest insurance and financial services recorded in Malawi?
- The lowest recorded value was 0.1% in 1988.
- How does Malawi rank for insurance and financial services?
- Malawi ranks 118th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Malawi?
- Over the last ten years it is down 90.3%. The long-run trend across the full record is volatile.
- Where does this Malawi 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
CSV · JSON — 39 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.