Insurance and financial services in Sub-Saharan Africa (excluding high income)
Sub-Saharan Africa (excluding high income): Insurance and financial services was 8.7% in 2024. ▲ Rising
Insurance and financial services in Sub-Saharan Africa (excluding high income), 1978–2024
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 Sub-Saharan Africa (excluding high income) is 8.7%, measured in 2024.
The figure is up 4.6% on the previous year and up 96.4% over ten years.
Over the whole period, insurance and financial services in Sub-Saharan Africa (excluding high income) peaked at 9.7% in 2021 and was at its lowest, 2.8%, in 2002.
That places Sub-Saharan Africa (excluding high income) 13th out of 45 groups with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 47 years of available data.
Insurance and financial services in Sub-Saharan Africa (excluding high income), year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1978 | 6.6% | — |
| 1979 | 6.2% | -6.0% |
| 1980 | 5.7% | -8.9% |
| 1981 | 6.1% | +6.4% |
| 1982 | 6.0% | -1.5% |
| 1983 | 3.8% | -36.5% |
| 1984 | 4.3% | +13.4% |
| 1985 | 5.0% | +16.1% |
| 1986 | 5.3% | +6.0% |
| 1987 | 4.7% | -11.3% |
| 1988 | 3.3% | -29.5% |
| 1989 | 3.2% | -1.9% |
| 1990 | 5.0% | +54.1% |
| 1991 | 3.3% | -34.1% |
| 1992 | 3.6% | +10.0% |
| 1993 | 3.2% | -10.9% |
| 1994 | 3.7% | +14.9% |
| 1995 | 4.9% | +31.1% |
| 1996 | 4.9% | +0.9% |
| 1997 | 4.5% | -8.5% |
| 1998 | 5.0% | +10.3% |
| 1999 | 4.6% | -6.6% |
| 2000 | 4.7% | +1.9% |
| 2001 | 3.9% | -16.3% |
| 2002 | 2.8% | -29.0% |
| 2003 | 3.4% | +21.4% |
| 2004 | 3.7% | +8.1% |
| 2005 | 4.6% | +24.7% |
| 2006 | 4.1% | -11.5% |
| 2007 | 4.3% | +7.1% |
| 2008 | 3.9% | -10.7% |
| 2009 | 4.0% | +4.1% |
| 2010 | 4.6% | +13.9% |
| 2011 | 4.4% | -5.0% |
| 2012 | 5.4% | +22.6% |
| 2013 | 4.4% | -17.6% |
| 2014 | 4.4% | +0.0% |
| 2015 | 4.8% | +8.6% |
| 2016 | 5.0% | +4.4% |
| 2017 | 5.2% | +3.5% |
| 2018 | 6.2% | +19.2% |
| 2019 | 5.2% | -15.5% |
| 2020 | 9.1% | +74.2% |
| 2021 | 9.7% | +6.8% |
| 2022 | 7.8% | -19.3% |
| 2023 | 8.3% | +6.0% |
| 2024 | 8.7% | +4.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.4% | 6.2% | 6.6% | 2 |
| 1980s | 4.7% | 3.2% | 6.1% | 10 |
| 1990s | 4.3% | 3.2% | 5.0% | 10 |
| 2000s | 3.9% | 2.8% | 4.7% | 10 |
| 2010s | 4.9% | 4.4% | 6.2% | 10 |
| 2020s | 8.7% | 7.8% | 9.7% | 5 |
Countries ranked near Sub-Saharan Africa (excluding high income)
- 10 Switzerland 21.0% compare
- 11 Guinea-Bissau 20.7% compare
- 12 United States 19.8% compare
- 13 Cyprus 19.6% compare
- 14 Bermuda 19.3% compare
- 15 Haiti 19.1% compare
- 16 Burkina Faso 15.4% compare
More economy & growth data for Sub-Saharan Africa (excluding high income)
- Households and NPISHs Final consumption expenditure (constant 2015) 4.36 % change on previous year (2025)
- General government final consumption expenditure (constant 2015 US$) 0.147 constant 2015 US$ per US$ of GDP (2025)
- General government final consumption expenditure (constant 2015 US$) 245.62 constant 2015 US$ per person (2025)
- Households and NPISHs Final consumption expenditure (current US$) 7.79 % change on previous year (2025)
- Households and NPISHs Final consumption expenditure (current US$) 0.8257 current US$ per US$ of GDP (2025)
- Households and NPISHs Final consumption expenditure (current US$) 1,380 current US$ per person (2025)
- Final consumption expenditure (current US$), annual growth rate 8.1 % change on previous year (2025)
- Final consumption expenditure (current US$), per capita 1,655 current US$ per person (2025)
- Final consumption expenditure (current US$), per unit of GDP 0.9901 current US$ per US$ of GDP (2025)
- General government final consumption expenditure (constant 2015 US$) 3.8 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Sub-Saharan Africa (excluding high income)?
- Insurance and financial services in Sub-Saharan Africa (excluding high income) was 8.7% 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 Sub-Saharan Africa (excluding high income)?
- The highest recorded value was 9.7% in 2021.
- What is the lowest insurance and financial services recorded in Sub-Saharan Africa (excluding high income)?
- The lowest recorded value was 2.8% in 2002.
- How does Sub-Saharan Africa (excluding high income) rank for insurance and financial services?
- Sub-Saharan Africa (excluding high income) ranks 13th out of 45 groups with data for 2024.
- Is insurance and financial services rising or falling in Sub-Saharan Africa (excluding high income)?
- Over the last ten years it is up 96.4%. The long-run trend across the full record is rising.
- Where does this Sub-Saharan Africa (excluding high income) 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.