Insurance and financial services in Sub-Saharan Africa (IDA & IBRD countries)
Sub-Saharan Africa (IDA & IBRD countries): Insurance and financial services was 8.7% in 2024. ▲ Rising
Insurance and financial services in Sub-Saharan Africa (IDA & IBRD countries), 1978–2024
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 Sub-Saharan Africa (IDA & IBRD countries) stood at 8.7%.
That represents a change of 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 (IDA & IBRD countries) peaked at 9.7% in 2021 and was at its lowest, 2.8%, in 2002.
Sub-Saharan Africa (IDA & IBRD countries) ranks 13th of 45 groups on this measure, 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 (IDA & IBRD countries), year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1978 | 6.6% | — |
| 1979 | 6.2% | -6.0% |
| 1980 | 5.7% | -8.9% |
| 1981 | 6.0% | +5.1% |
| 1982 | 5.9% | -1.5% |
| 1983 | 3.7% | -36.5% |
| 1984 | 4.2% | +13.0% |
| 1985 | 4.9% | +15.8% |
| 1986 | 5.2% | +5.7% |
| 1987 | 4.6% | -11.4% |
| 1988 | 3.3% | -27.8% |
| 1989 | 3.2% | -1.9% |
| 1990 | 5.0% | +54.1% |
| 1991 | 3.3% | -34.1% |
| 1992 | 3.6% | +10.0% |
| 1993 | 3.2% | -12.6% |
| 1994 | 3.6% | +14.9% |
| 1995 | 4.8% | +30.9% |
| 1996 | 4.8% | +1.5% |
| 1997 | 4.5% | -7.7% |
| 1998 | 4.9% | +9.6% |
| 1999 | 4.5% | -7.0% |
| 2000 | 4.6% | +1.7% |
| 2001 | 3.9% | -15.9% |
| 2002 | 2.8% | -28.9% |
| 2003 | 3.4% | +21.4% |
| 2004 | 3.6% | +8.3% |
| 2005 | 4.5% | +24.9% |
| 2006 | 4.0% | -11.7% |
| 2007 | 4.3% | +7.3% |
| 2008 | 3.8% | -10.7% |
| 2009 | 4.0% | +4.1% |
| 2010 | 4.6% | +13.9% |
| 2011 | 4.4% | -4.1% |
| 2012 | 5.4% | +22.6% |
| 2013 | 4.3% | -18.7% |
| 2014 | 4.4% | +1.5% |
| 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% | 6.0% | 10 |
| 1990s | 4.2% | 3.2% | 5.0% | 10 |
| 2000s | 3.9% | 2.8% | 4.6% | 10 |
| 2010s | 4.9% | 4.3% | 6.2% | 10 |
| 2020s | 8.7% | 7.8% | 9.7% | 5 |
Countries ranked near Sub-Saharan Africa (IDA & IBRD countries)
- 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 (IDA & IBRD countries)
- Foreign direct investment, net inflows (BoP, current US$), per capita 5.26 BoP, current US$ per person (2025)
- General government final consumption expenditure (constant 2015 US$) 246.12 constant 2015 US$ per person (2025)
- General government final consumption expenditure (constant 2015 US$) 0.1471 constant 2015 US$ per US$ of GDP (2025)
- General government final consumption expenditure (constant 2015 US$) 3.82 % change on previous year (2025)
- General government final consumption expenditure (current US$), per 283.73 current US$ per person (2025)
- General government final consumption expenditure (current US$), per 0.1696 current US$ per US$ of GDP (2025)
- General government final consumption expenditure (current US$) 9.56 % change on previous year (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0012 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -1.99 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 6.95 billion BoP, current US$ (2025)
Frequently asked questions
- What is insurance and financial services in Sub-Saharan Africa (IDA & IBRD countries)?
- Insurance and financial services in Sub-Saharan Africa (IDA & IBRD countries) 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 (IDA & IBRD countries)?
- The highest recorded value was 9.7% in 2021.
- What is the lowest insurance and financial services recorded in Sub-Saharan Africa (IDA & IBRD countries)?
- The lowest recorded value was 2.8% in 2002.
- How does Sub-Saharan Africa (IDA & IBRD countries) rank for insurance and financial services?
- Sub-Saharan Africa (IDA & IBRD countries) ranks 13th out of 45 groups with data for 2024.
- Is insurance and financial services rising or falling in Sub-Saharan Africa (IDA & IBRD countries)?
- 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 (IDA & IBRD countries) 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 — 47 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.