Insurance and financial services in Madagascar
Madagascar: Insurance and financial services was 1.4% in 2024. ◆ Volatile
Insurance and financial services in Madagascar, 1974–2024
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 Madagascar stood at 1.4%.
Compared with earlier readings it is down 26.8% on the previous year and up 197.7% over ten years.
Over the whole period, insurance and financial services in Madagascar peaked at 5.0% in 1977 and was at its lowest, 0.2%, in 2008.
That places Madagascar 188th out of 197 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 Madagascar, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1974 | 3.9% | — |
| 1975 | 4.3% | +10.8% |
| 1976 | 3.7% | -13.3% |
| 1977 | 5.0% | +34.6% |
| 1978 | 5.0% | -1.1% |
| 1979 | 4.8% | -3.3% |
| 1980 | 4.8% | -1.3% |
| 1981 | 3.5% | -26.7% |
| 1982 | 3.8% | +7.8% |
| 1983 | 3.1% | -18.0% |
| 1984 | 2.6% | -14.1% |
| 1985 | 2.8% | +5.8% |
| 1986 | 2.7% | -4.2% |
| 1987 | 2.6% | -4.0% |
| 1988 | 2.4% | -8.2% |
| 1989 | 1.7% | -29.6% |
| 1990 | 2.5% | +50.3% |
| 1991 | 2.5% | +1.1% |
| 1992 | 2.0% | -20.3% |
| 1993 | 2.3% | +12.2% |
| 1994 | 1.5% | -32.2% |
| 1995 | 2.2% | +46.7% |
| 1996 | 0.7% | -67.3% |
| 1997 | 1.9% | +156.8% |
| 1998 | 1.3% | -30.3% |
| 1999 | 1.4% | +3.7% |
| 2000 | 1.2% | -12.5% |
| 2001 | 1.1% | -9.9% |
| 2002 | 1.2% | +14.4% |
| 2003 | 2.4% | +92.7% |
| 2004 | 1.8% | -25.0% |
| 2005 | 1.0% | -44.8% |
| 2006 | 0.4% | -56.5% |
| 2007 | 0.2% | -43.2% |
| 2008 | 0.2% | -25.7% |
| 2009 | 0.3% | +92.8% |
| 2010 | 0.2% | -32.1% |
| 2011 | 0.3% | +17.8% |
| 2012 | 0.3% | +9.9% |
| 2013 | 0.6% | +94.2% |
| 2014 | 0.5% | -21.3% |
| 2015 | 0.6% | +26.7% |
| 2016 | 0.5% | -9.6% |
| 2017 | 1.4% | +169.1% |
| 2018 | 1.6% | +14.7% |
| 2019 | 2.0% | +22.1% |
| 2020 | 2.2% | +8.2% |
| 2021 | 2.0% | -10.4% |
| 2022 | 1.5% | -22.0% |
| 2023 | 1.9% | +24.5% |
| 2024 | 1.4% | -26.8% |
Madagascar compared with similar countries
- Madagascar's 1.4% is below the median for low income countries, which is 4.1%, 34% of the median. (22 countries reporting)
- Madagascar's 1.4% is below the median for Sub-Saharan Africa, which is 6.5%, 21% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Madagascar 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 |
|---|---|---|---|
| 2017 | +169.1% | 0.5% | 1.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.5% | 3.7% | 5.0% | 6 |
| 1980s | 3.0% | 1.7% | 4.8% | 10 |
| 1990s | 1.8% | 0.7% | 2.5% | 10 |
| 2000s | 1.0% | 0.2% | 2.4% | 10 |
| 2010s | 0.8% | 0.2% | 2.0% | 10 |
| 2020s | 1.8% | 1.4% | 2.2% | 5 |
Countries ranked near Madagascar
More economy & growth data for Madagascar
- Foreign direct investment, net outflows (BoP, current US$), gaps 134.39 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0076 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 4.2 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 606.21 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 16.69 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0345 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 18.96 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 5.8 % change on previous year (2024)
- Total reserves (includes gold, current US$), per unit of GDP 0.1583 includes gold, current US$ per US$ of GDP (2024)
- Total reserves (includes gold, current US$), per capita 87.11 includes gold, current US$ per person (2024)
Frequently asked questions
- What is insurance and financial services in Madagascar?
- Insurance and financial services in Madagascar was 1.4% 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 Madagascar?
- The highest recorded value was 5.0% in 1977.
- What is the lowest insurance and financial services recorded in Madagascar?
- The lowest recorded value was 0.2% in 2008.
- How does Madagascar rank for insurance and financial services?
- Madagascar ranks 188th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Madagascar?
- Over the last ten years it is up 197.7%. The long-run trend across the full record is volatile.
- Where does this Madagascar 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
CSV · JSON — 51 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 imports which are services provided by non-residents to residents.