Insurance and financial services in Namibia
Namibia: Insurance and financial services was 1.9% in 2024. ▼ Falling
Insurance and financial services in Namibia, 1990–2024
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 Namibia stood at 1.9%.
Compared with earlier readings it is up 14.2% on the previous year and down 32.1% over ten years.
Over the whole period, insurance and financial services in Namibia peaked at 14.0% in 1997 and was at its lowest, 1.5%, in 2021.
That places Namibia 180th out of 197 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 35 years of available data.
Insurance and financial services in Namibia, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1990 | 6.5% | — |
| 1991 | 5.8% | -10.6% |
| 1992 | 6.6% | +12.5% |
| 1993 | 6.6% | +0.1% |
| 1994 | 7.6% | +15.0% |
| 1995 | 9.2% | +22.2% |
| 1996 | 10.0% | +7.8% |
| 1997 | 14.0% | +40.3% |
| 1998 | 12.1% | -13.3% |
| 1999 | 6.8% | -43.5% |
| 2000 | 6.3% | -8.7% |
| 2001 | 5.8% | -6.6% |
| 2002 | 5.6% | -3.2% |
| 2003 | 8.3% | +46.4% |
| 2004 | 4.9% | -40.2% |
| 2005 | 5.1% | +3.7% |
| 2006 | 5.2% | +2.4% |
| 2007 | 6.0% | +14.1% |
| 2008 | 3.2% | -47.4% |
| 2009 | 6.0% | +91.2% |
| 2010 | 6.8% | +12.3% |
| 2011 | 6.3% | -7.2% |
| 2012 | 4.4% | -30.7% |
| 2013 | 3.3% | -24.3% |
| 2014 | 2.7% | -17.1% |
| 2015 | 3.9% | +44.2% |
| 2016 | 2.5% | -36.5% |
| 2017 | 4.1% | +65.1% |
| 2018 | 5.5% | +32.1% |
| 2019 | 5.6% | +2.2% |
| 2020 | 2.1% | -62.9% |
| 2021 | 1.5% | -25.1% |
| 2022 | 1.8% | +16.2% |
| 2023 | 1.6% | -9.8% |
| 2024 | 1.9% | +14.2% |
Namibia compared with similar countries
- Namibia's 1.9% is below the median for lower middle income countries, which is 6.5%, 29% of the median. (47 countries reporting)
- Namibia's 1.9% is below the median for Sub-Saharan Africa, which is 6.5%, 29% of the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 8.5% | 5.8% | 14.0% | 10 |
| 2000s | 5.6% | 3.2% | 8.3% | 10 |
| 2010s | 4.5% | 2.5% | 6.8% | 10 |
| 2020s | 1.8% | 1.5% | 2.1% | 5 |
Countries ranked near Namibia
More economy & growth data for Namibia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.07 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.64 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 44.40 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0033 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 14.65 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.93 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -15.67 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.1418 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 638.56 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -7.48 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Namibia?
- Insurance and financial services in Namibia was 1.9% 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 Namibia?
- The highest recorded value was 14.0% in 1997.
- What is the lowest insurance and financial services recorded in Namibia?
- The lowest recorded value was 1.5% in 2021.
- How does Namibia rank for insurance and financial services?
- Namibia ranks 180th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Namibia?
- Over the last ten years it is down 32.1%. The long-run trend across the full record is falling.
- Where does this Namibia 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.