Insurance and financial services in Africa Western and Central
Africa Western and Central: Insurance and financial services was 8.0% in 2024. ▲ Rising
Insurance and financial services in Africa Western and Central, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2024, insurance and financial services in Africa Western and Central stood at 8.0%. That is the highest value across all 46 years on record.
Compared with earlier readings it is up 24.0% on the previous year and up 40.8% over ten years.
Over the whole period, insurance and financial services in Africa Western and Central peaked at 8.0% in 2024 and was at its lowest, 3.4%, in 1994.
Africa Western and Central ranks 28th of 47 groups on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 46 years of available data.
Insurance and financial services in Africa Western and Central, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1977 | 4.1% | — |
| 1978 | 5.2% | +27.1% |
| 1979 | 4.8% | -8.6% |
| 1980 | 3.9% | -18.1% |
| 1981 | 4.5% | +16.6% |
| 1982 | 4.3% | -5.3% |
| 1983 | 4.8% | +11.8% |
| 1984 | 4.5% | -7.3% |
| 1985 | 4.8% | +6.9% |
| 1986 | 5.0% | +4.5% |
| 1987 | 4.9% | -1.5% |
| 1988 | 4.8% | -2.6% |
| 1989 | 4.3% | -10.6% |
| 1990 | 4.4% | +3.6% |
| 1991 | 4.2% | -4.7% |
| 1992 | 4.8% | +12.8% |
| 1993 | 3.9% | -17.4% |
| 1994 | 3.4% | -14.3% |
| 1995 | 4.9% | +45.5% |
| 1996 | 4.7% | -4.2% |
| 1997 | 5.1% | +7.7% |
| 1998 | 5.6% | +10.8% |
| 1999 | 4.6% | -18.0% |
| 2000 | 4.5% | -2.7% |
| 2001 | 4.2% | -6.1% |
| 2002 | 3.9% | -6.4% |
| 2005 | 4.7% | +19.4% |
| 2006 | 4.2% | -10.5% |
| 2007 | 3.4% | -19.1% |
| 2008 | 5.1% | +49.6% |
| 2009 | 4.3% | -15.7% |
| 2010 | 4.2% | -1.1% |
| 2011 | 5.0% | +17.6% |
| 2012 | 5.5% | +10.5% |
| 2013 | 4.8% | -12.7% |
| 2014 | 5.7% | +18.0% |
| 2015 | 5.9% | +3.5% |
| 2016 | 6.3% | +7.8% |
| 2017 | 5.7% | -9.3% |
| 2018 | 4.2% | -26.3% |
| 2019 | 3.8% | -10.6% |
| 2020 | 5.6% | +48.1% |
| 2021 | 6.9% | +24.0% |
| 2022 | 6.1% | -12.3% |
| 2023 | 6.4% | +5.8% |
| 2024 | 8.0% | +24.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.7% | 4.1% | 5.2% | 3 |
| 1980s | 4.6% | 3.9% | 5.0% | 10 |
| 1990s | 4.6% | 3.4% | 5.6% | 10 |
| 2000s | 4.3% | 3.4% | 5.1% | 8 |
| 2010s | 5.1% | 3.8% | 6.3% | 10 |
| 2020s | 6.6% | 5.6% | 8.0% | 5 |
Countries ranked near Africa Western and Central
More economy & growth data for Africa Western and Central
- Gross value added at basic prices (GVA) (constant 2015 US$), annual 4.58 % change on previous year (2025)
- Inflation, GDP deflator 2.8% (2025)
- Gross value added at basic prices (GVA) 807.39 billion current US$ (2025)
- Gross value added at basic prices (GVA) 942.07 billion constant 2015 US$ (2025)
- GDP 852.53 billion current US$ (2025)
- GDP 991.22 billion constant 2015 US$ (2025)
- GDP per capita 1,860 constant 2015 US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0071 BoP, current US$ per US$ of GDP (2025)
- GDP per capita growth 2.2% (2025)
- Gross value added at basic prices (GVA) (current US$), per capita 1,515 current US$ per person (2025)
Frequently asked questions
- What is insurance and financial services in Africa Western and Central?
- Insurance and financial services in Africa Western and Central was 8.0% 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 Africa Western and Central?
- The highest recorded value was 8.0% in 2024.
- What is the lowest insurance and financial services recorded in Africa Western and Central?
- The lowest recorded value was 3.4% in 1994.
- How does Africa Western and Central rank for insurance and financial services?
- Africa Western and Central ranks 28th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Africa Western and Central?
- Over the last ten years it is up 40.8%. The long-run trend across the full record is rising.
- Where does this Africa Western and Central 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 imports, 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 imports which are services provided by non-residents to residents.