Insurance and financial services in Rwanda
Rwanda: Insurance and financial services was 3.8% in 2024. ◆ Volatile
Insurance and financial services in Rwanda, 2010–2024
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 Rwanda stood at 3.8%.
That represents a change of down 6.0% on the previous year and up 315.4% over ten years.
Over the whole period, insurance and financial services in Rwanda peaked at 7.2% in 2021 and was at its lowest, 0.5%, in 2011.
Rwanda ranks 135th of 197 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Rwanda, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 2010 | 0.6% | — |
| 2011 | 0.5% | -15.0% |
| 2012 | 0.9% | +74.2% |
| 2013 | 1.0% | +19.0% |
| 2014 | 0.9% | -11.0% |
| 2015 | 0.9% | +2.6% |
| 2016 | 1.1% | +14.9% |
| 2017 | 1.4% | +24.9% |
| 2018 | 1.4% | +1.4% |
| 2019 | 1.4% | +3.9% |
| 2020 | 2.7% | +88.3% |
| 2021 | 7.2% | +166.9% |
| 2022 | 2.0% | -72.7% |
| 2023 | 4.1% | +107.5% |
| 2024 | 3.8% | -6.0% |
Rwanda compared with similar countries
- Rwanda's 3.8% is below the median for low income countries, which is 4.1%, 93% of the median. (22 countries reporting)
- Rwanda's 3.8% is below the median for Sub-Saharan Africa, which is 6.5%, 59% of the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 1.0% | 0.5% | 1.4% | 10 |
| 2020s | 3.9% | 2.0% | 7.2% | 5 |
Countries ranked near Rwanda
- 132 Qatar 4.0% compare
- 133 Guinea-Bissau 3.9% compare
- 134 Côte d'Ivoire 3.9% compare
- 136 Venezuela, Bolivarian Republic of 3.8% compare
- 137 Syrian Arab Republic 3.8%
- 138 Belarus 3.8% compare
More economy & growth data for Rwanda
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 5.1 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 7.3 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 13.15 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0009 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.9225 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 572.93 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 25.19 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0379 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 40.19 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -18.44 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Rwanda?
- Insurance and financial services in Rwanda was 3.8% 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 Rwanda?
- The highest recorded value was 7.2% in 2021.
- What is the lowest insurance and financial services recorded in Rwanda?
- The lowest recorded value was 0.5% in 2011.
- How does Rwanda rank for insurance and financial services?
- Rwanda ranks 135th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Rwanda?
- Over the last ten years it is up 315.4%. The long-run trend across the full record is volatile.
- Where does this Rwanda 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.