Insurance and financial services in Kenya
Kenya: Insurance and financial services was 13.8% in 2024. ▲ Rising
Insurance and financial services in Kenya, 1975–2024
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 Kenya stood at 13.8%.
That represents a change of down 8.9% on the previous year and up 61.7% over ten years.
Over the whole period, insurance and financial services in Kenya peaked at 15.1% in 2023 and was at its lowest, 4.4%, in 2007.
Kenya ranks 24th of 197 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 50 years of available data.
Insurance and financial services in Kenya, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1975 | 5.8% | — |
| 1976 | 5.7% | -3.0% |
| 1977 | 6.0% | +5.2% |
| 1978 | 7.1% | +19.7% |
| 1979 | 5.8% | -18.7% |
| 1980 | 11.2% | +92.5% |
| 1981 | 7.3% | -34.2% |
| 1982 | 7.6% | +3.6% |
| 1983 | 7.2% | -4.9% |
| 1984 | 8.0% | +9.9% |
| 1985 | 8.2% | +3.2% |
| 1986 | 8.6% | +4.4% |
| 1987 | 8.5% | -0.3% |
| 1988 | 8.9% | +3.7% |
| 1989 | 8.6% | -3.0% |
| 1990 | 7.6% | -11.4% |
| 1991 | 6.7% | -11.7% |
| 1992 | 7.7% | +14.1% |
| 1993 | 8.6% | +12.5% |
| 1994 | 10.5% | +21.9% |
| 1995 | 8.4% | -19.6% |
| 1996 | 10.3% | +21.8% |
| 1997 | 11.4% | +10.5% |
| 1998 | 11.3% | -0.5% |
| 1999 | 11.4% | +0.8% |
| 2000 | 8.6% | -24.4% |
| 2001 | 10.5% | +21.9% |
| 2002 | 8.4% | -19.6% |
| 2003 | 10.3% | +21.8% |
| 2004 | 11.4% | +10.8% |
| 2005 | 6.7% | -41.6% |
| 2006 | 6.8% | +1.4% |
| 2007 | 4.4% | -34.6% |
| 2008 | 6.0% | +34.9% |
| 2009 | 7.0% | +16.7% |
| 2010 | 8.6% | +24.0% |
| 2011 | 10.0% | +15.9% |
| 2012 | 10.0% | -0.1% |
| 2013 | 11.0% | +9.7% |
| 2014 | 8.5% | -22.1% |
| 2015 | 8.0% | -6.6% |
| 2016 | 8.8% | +10.4% |
| 2017 | 10.7% | +21.5% |
| 2018 | 9.3% | -12.8% |
| 2019 | 9.0% | -3.8% |
| 2020 | 10.2% | +14.3% |
| 2021 | 10.1% | -1.5% |
| 2022 | 11.2% | +11.5% |
| 2023 | 15.1% | +34.6% |
| 2024 | 13.8% | -8.9% |
Kenya compared with similar countries
- Kenya's 13.8% is above the median for lower middle income countries, which is 6.5%, 2.1× the median. (47 countries reporting)
- Kenya's 13.8% is above the median for Sub-Saharan Africa, which is 6.5%, 2.1× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.1% | 5.7% | 7.1% | 5 |
| 1980s | 8.4% | 7.2% | 11.2% | 10 |
| 1990s | 9.4% | 6.7% | 11.4% | 10 |
| 2000s | 8.0% | 4.4% | 11.4% | 10 |
| 2010s | 9.4% | 8.0% | 11.0% | 10 |
| 2020s | 12.1% | 10.1% | 15.1% | 5 |
Countries ranked near Kenya
More economy & growth data for Kenya
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.28 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5.26 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 417.66 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0035 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 7.4 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 463.44 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -8.77 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0038 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 8.21 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 23.12 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Kenya?
- Insurance and financial services in Kenya was 13.8% 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 Kenya?
- The highest recorded value was 15.1% in 2023.
- What is the lowest insurance and financial services recorded in Kenya?
- The lowest recorded value was 4.4% in 2007.
- How does Kenya rank for insurance and financial services?
- Kenya ranks 24th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Kenya?
- Over the last ten years it is up 61.7%. The long-run trend across the full record is rising.
- Where does this Kenya 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.
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 imports which are services provided by non-residents to residents.