Insurance and financial services in Namibia
Namibia: Insurance and financial services was 3.9% in 2024. ◆ Volatile
Insurance and financial services in Namibia, 1990–2024
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 Namibia is 3.9%, measured in 2024.
That represents a change of down 23.0% on the previous year and up 56.7% over ten years.
Over the whole period, insurance and financial services in Namibia peaked at 6.0% in 1991 and was at its lowest, -0.0%, in 2003.
That places Namibia 77th out of 190 countries with data for 2024, putting it 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 Namibia, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1990 | 4.7% | — |
| 1991 | 6.0% | +28.6% |
| 1992 | 3.3% | -44.6% |
| 1993 | 2.0% | -41.0% |
| 1994 | 1.6% | -16.7% |
| 1995 | 1.4% | -13.7% |
| 1996 | 2.7% | +90.8% |
| 1997 | 1.0% | -62.8% |
| 1998 | 1.4% | +37.6% |
| 1999 | 2.3% | +68.0% |
| 2000 | 0.4% | -81.6% |
| 2001 | 0.3% | -29.4% |
| 2002 | 0.6% | +83.7% |
| 2003 | -0.0% | -100.5% |
| 2004 | 0.0% | -219.7% |
| 2005 | 0.0% | +933.2% |
| 2006 | 0.3% | +776.5% |
| 2007 | 0.9% | +164.7% |
| 2008 | 3.4% | +296.7% |
| 2009 | 1.4% | -57.1% |
| 2010 | 2.4% | +68.4% |
| 2011 | 1.0% | -60.0% |
| 2012 | 2.0% | +102.8% |
| 2013 | 4.0% | +103.5% |
| 2014 | 2.5% | -37.5% |
| 2015 | 2.8% | +10.3% |
| 2016 | 4.7% | +68.8% |
| 2017 | 3.7% | -21.3% |
| 2018 | 3.9% | +4.8% |
| 2019 | 4.0% | +4.7% |
| 2020 | 2.5% | -38.5% |
| 2021 | 1.8% | -26.4% |
| 2022 | 2.4% | +32.3% |
| 2023 | 5.1% | +111.5% |
| 2024 | 3.9% | -23.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 2.7% | 1.0% | 6.0% | 10 |
| 2000s | 0.7% | -0.0% | 3.4% | 10 |
| 2010s | 3.1% | 1.0% | 4.7% | 10 |
| 2020s | 3.2% | 1.8% | 5.1% | 5 |
Countries ranked near Namibia
More economy & growth data for Namibia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.07 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.64 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 44.40 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0033 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 14.65 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.93 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -15.67 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.1418 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 638.56 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -7.48 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Namibia?
- Insurance and financial services in Namibia was 3.9% 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 Namibia?
- The highest recorded value was 6.0% in 1991.
- What is the lowest insurance and financial services recorded in Namibia?
- The lowest recorded value was -0.0% in 2003.
- How does Namibia rank for insurance and financial services?
- Namibia ranks 77th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Namibia?
- Over the last ten years it is up 56.7%. The long-run trend across the full record is volatile.
- Where does this Namibia 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.