Insurance and financial services in Benin
Benin: Insurance and financial services was 2.7% in 2023. ◆ Volatile
Insurance and financial services in Benin, 1974–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2023, insurance and financial services in Benin stood at 2.7%.
The figure is up 40.3% on the previous year and down 10.6% over ten years.
Over the whole period, insurance and financial services in Benin peaked at 13.6% in 1982 and was at its lowest, 1.5%, in 2020.
Benin ranks 162nd of 197 countries on this measure, 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 Benin, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1974 | 10.4% | — |
| 1975 | 10.1% | -2.6% |
| 1976 | 12.1% | +19.0% |
| 1977 | 12.7% | +4.8% |
| 1978 | 11.8% | -7.1% |
| 1979 | 10.7% | -8.6% |
| 1980 | 10.1% | -5.5% |
| 1981 | 13.0% | +28.4% |
| 1982 | 13.6% | +4.2% |
| 1983 | 10.9% | -19.5% |
| 1984 | 10.9% | -0.1% |
| 1985 | 5.2% | -52.6% |
| 1986 | 6.0% | +15.0% |
| 1987 | 5.9% | -1.4% |
| 1988 | 6.0% | +2.2% |
| 1989 | 6.0% | -0.0% |
| 1990 | 4.9% | -17.9% |
| 1991 | 3.0% | -39.0% |
| 1992 | 4.6% | +51.9% |
| 1993 | 5.9% | +30.5% |
| 1994 | 6.4% | +7.9% |
| 1995 | 9.0% | +39.8% |
| 1996 | 9.8% | +8.8% |
| 1997 | 12.0% | +23.2% |
| 1998 | 9.7% | -19.1% |
| 1999 | 9.2% | -5.6% |
| 2000 | 8.9% | -2.8% |
| 2001 | 9.9% | +10.5% |
| 2002 | 10.9% | +10.2% |
| 2003 | 12.9% | +18.6% |
| 2004 | 10.7% | -17.3% |
| 2005 | 10.7% | +0.2% |
| 2006 | 9.5% | -10.9% |
| 2007 | 9.6% | +1.2% |
| 2008 | 4.7% | -50.7% |
| 2009 | 4.8% | +0.4% |
| 2010 | 4.7% | -0.7% |
| 2011 | 4.7% | +0.2% |
| 2012 | 7.4% | +55.8% |
| 2013 | 3.0% | -59.7% |
| 2014 | 2.4% | -19.5% |
| 2015 | 2.5% | +6.2% |
| 2016 | 1.9% | -25.1% |
| 2017 | 1.8% | -5.1% |
| 2018 | 1.9% | +2.7% |
| 2019 | 1.8% | -4.3% |
| 2020 | 1.5% | -15.4% |
| 2021 | 2.1% | +40.7% |
| 2022 | 1.9% | -10.4% |
| 2023 | 2.7% | +40.3% |
Benin compared with similar countries
- Benin's 2.7% is below the median for lower middle income countries, which is 6.5%, 41% of the median. (47 countries reporting)
- Benin's 2.7% is below the median for Sub-Saharan Africa, which is 6.5%, 41% of the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 11.3% | 10.1% | 12.7% | 6 |
| 1980s | 8.8% | 5.2% | 13.6% | 10 |
| 1990s | 7.5% | 3.0% | 12.0% | 10 |
| 2000s | 9.3% | 4.7% | 12.9% | 10 |
| 2010s | 3.2% | 1.8% | 7.4% | 10 |
| 2020s | 2.0% | 1.5% | 2.7% | 4 |
Countries ranked near Benin
More economy & growth data for Benin
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.42 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.03 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 60.28 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0028 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 4.17 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 543.01 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 22.59 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0253 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 37.55 BoP, current US$ per person (2024)
- General government final consumption expenditure (current US$) 12.54 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Benin?
- Insurance and financial services in Benin was 2.7% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Benin?
- The highest recorded value was 13.6% in 1982.
- What is the lowest insurance and financial services recorded in Benin?
- The lowest recorded value was 1.5% in 2020.
- How does Benin rank for insurance and financial services?
- Benin ranks 162nd out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Benin?
- Over the last ten years it is down 10.6%. The long-run trend across the full record is volatile.
- Where does this Benin 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.