Insurance and financial services in Tanzania
Tanzania: Insurance and financial services was 0.9% in 2024. ◆ Volatile
Insurance and financial services in Tanzania, 1976–2024
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 Tanzania stood at 0.9%.
Compared with earlier readings it is up 4.7% on the previous year and down 47.2% over ten years.
Over the whole period, insurance and financial services in Tanzania peaked at 3.9% in 1998 and was at its lowest, 0.0%, in 1995.
That places Tanzania 143rd out of 190 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Tanzania, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1976 | 2.8% | — |
| 1977 | 2.0% | -26.8% |
| 1978 | 1.0% | -48.6% |
| 1979 | 1.2% | +12.2% |
| 1980 | 1.5% | +29.1% |
| 1981 | 0.8% | -46.5% |
| 1982 | 1.3% | +59.1% |
| 1983 | 1.6% | +24.4% |
| 1984 | 0.2% | -86.5% |
| 1985 | 0.1% | -54.9% |
| 1986 | 0.2% | +105.4% |
| 1987 | 0.1% | -67.6% |
| 1988 | 0.6% | +883.3% |
| 1989 | 0.5% | -18.1% |
| 1990 | 0.5% | -0.3% |
| 1993 | 0.2% | -58.7% |
| 1994 | 0.2% | -13.5% |
| 1995 | 0.0% | -95.4% |
| 1996 | 3.1% | +35367.5% |
| 1997 | 2.8% | -9.7% |
| 1998 | 3.9% | +41.8% |
| 1999 | 1.8% | -54.7% |
| 2000 | 2.7% | +52.0% |
| 2001 | 2.1% | -21.9% |
| 2002 | 2.6% | +20.7% |
| 2003 | 2.5% | -1.3% |
| 2004 | 2.5% | -2.3% |
| 2005 | 3.1% | +27.6% |
| 2006 | 1.0% | -67.4% |
| 2007 | 1.5% | +42.8% |
| 2008 | 1.2% | -16.5% |
| 2009 | 1.2% | -5.7% |
| 2010 | 1.8% | +56.7% |
| 2011 | 1.5% | -18.5% |
| 2012 | 1.8% | +20.6% |
| 2013 | 2.0% | +14.4% |
| 2014 | 1.8% | -12.8% |
| 2015 | 1.7% | -1.5% |
| 2016 | 1.8% | +5.2% |
| 2017 | 1.7% | -9.3% |
| 2018 | 1.3% | -24.6% |
| 2019 | 1.4% | +15.6% |
| 2020 | 1.4% | -1.0% |
| 2021 | 0.4% | -71.5% |
| 2022 | 0.3% | -16.7% |
| 2023 | 0.9% | +162.3% |
| 2024 | 0.9% | +4.7% |
Tanzania compared with similar countries
- Tanzania's 0.9% is below the median for lower middle income countries, which is 1.6%, 57% of the median. (46 countries reporting)
- Tanzania's 0.9% is below the median for Sub-Saharan Africa, which is 3.1%, 30% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Tanzania 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 |
|---|---|---|---|
| 1996 | +35367.5% | 0.0% | 3.1% |
| 1988 | +883.3% | 0.1% | 0.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.8% | 1.0% | 2.8% | 4 |
| 1980s | 0.7% | 0.1% | 1.6% | 10 |
| 1990s | 1.6% | 0.0% | 3.9% | 8 |
| 2000s | 2.0% | 1.0% | 3.1% | 10 |
| 2010s | 1.7% | 1.3% | 2.0% | 10 |
| 2020s | 0.8% | 0.3% | 1.4% | 5 |
Countries ranked near Tanzania
- 140 Syria 1.1% compare
- 141 Philippines 1.1% compare
- 142 Belarus 1.0% compare
- 144 French Polynesia 0.9% compare
- 145 Solomon Islands 0.9% compare
- 146 Nicaragua 0.8% compare
More economy & growth data for Tanzania
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.67 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.5 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 2.26 million BoP, current US$ (2003)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0001 BoP, current US$ per US$ of GDP (2003)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.0609 BoP, current US$ per person (2003)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.72 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 4.16 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0217 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 25.05 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -14.24 % change on previous year (2018)
Frequently asked questions
- What is insurance and financial services in Tanzania?
- Insurance and financial services in Tanzania was 0.9% 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 Tanzania?
- The highest recorded value was 3.9% in 1998.
- What is the lowest insurance and financial services recorded in Tanzania?
- The lowest recorded value was 0.0% in 1995.
- How does Tanzania rank for insurance and financial services?
- Tanzania ranks 143rd out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Tanzania?
- Over the last ten years it is down 47.2%. The long-run trend across the full record is volatile.
- Where does this Tanzania 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
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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.