Insurance and financial services in South Africa
South Africa: Insurance and financial services was 5.6% in 2025. ▼ Falling
Insurance and financial services in South Africa, 1960–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2025, insurance and financial services in South Africa stood at 5.6%.
That represents a change of down 12.3% on the previous year and up 35.5% over ten years.
Over the whole period, insurance and financial services in South Africa peaked at 16.2% in 1962 and was at its lowest, 1.8%, in 2009.
That places South Africa 108th out of 197 countries with data for 2025, putting it in the middle of the range.
The long-run direction has been consistently falling across the 66 years of available data.
Insurance and financial services in South Africa, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1960 | 15.6% | — |
| 1961 | 14.5% | -7.1% |
| 1962 | 16.2% | +11.7% |
| 1963 | 15.2% | -6.6% |
| 1964 | 13.9% | -8.2% |
| 1965 | 13.2% | -5.2% |
| 1966 | 12.0% | -9.4% |
| 1967 | 12.4% | +4.0% |
| 1968 | 12.1% | -2.4% |
| 1969 | 11.6% | -4.6% |
| 1970 | 10.8% | -6.8% |
| 1971 | 10.8% | -0.2% |
| 1972 | 11.1% | +2.8% |
| 1973 | 11.5% | +3.8% |
| 1974 | 10.7% | -7.0% |
| 1975 | 12.2% | +14.2% |
| 1976 | 13.7% | +12.6% |
| 1977 | 14.1% | +2.5% |
| 1978 | 13.6% | -3.5% |
| 1979 | 13.4% | -1.4% |
| 1980 | 12.0% | -10.6% |
| 1981 | 12.4% | +3.8% |
| 1982 | 12.1% | -2.7% |
| 1983 | 13.8% | +13.8% |
| 1984 | 13.3% | -3.8% |
| 1985 | 13.5% | +2.2% |
| 1986 | 13.0% | -4.1% |
| 1987 | 11.0% | -15.1% |
| 1988 | 8.7% | -20.9% |
| 1989 | 8.6% | -1.4% |
| 1990 | 10.9% | +27.1% |
| 1991 | 8.3% | -24.5% |
| 1992 | 8.4% | +1.8% |
| 1993 | 8.1% | -4.2% |
| 1994 | 8.6% | +6.4% |
| 1995 | 13.6% | +58.7% |
| 1996 | 8.6% | -36.5% |
| 1997 | 8.4% | -2.8% |
| 1998 | 7.2% | -13.9% |
| 1999 | 6.9% | -4.5% |
| 2000 | 6.5% | -5.7% |
| 2001 | 5.3% | -17.8% |
| 2002 | 5.4% | +1.9% |
| 2003 | 5.0% | -8.8% |
| 2004 | 5.2% | +5.3% |
| 2005 | 5.4% | +4.2% |
| 2006 | 4.5% | -18.0% |
| 2007 | 3.9% | -11.8% |
| 2008 | 3.0% | -23.6% |
| 2009 | 1.8% | -40.3% |
| 2010 | 2.4% | +35.4% |
| 2011 | 2.6% | +6.2% |
| 2012 | 3.0% | +15.7% |
| 2013 | 3.2% | +7.9% |
| 2014 | 3.9% | +22.1% |
| 2015 | 4.1% | +4.6% |
| 2016 | 4.0% | -3.5% |
| 2017 | 3.7% | -6.7% |
| 2018 | 3.9% | +6.0% |
| 2019 | 3.5% | -10.7% |
| 2020 | 5.6% | +58.2% |
| 2021 | 5.4% | -2.3% |
| 2022 | 4.5% | -16.8% |
| 2023 | 4.3% | -4.0% |
| 2024 | 6.4% | +47.0% |
| 2025 | 5.6% | -12.3% |
South Africa compared with similar countries
- South Africa's 5.6% is below the median for upper middle income countries, which is 6.2%, 90% of the median. (55 countries reporting)
- South Africa's 5.6% is below the median for Sub-Saharan Africa, which is 6.5%, 86% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in South Africa 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 |
|---|---|---|---|
| 1995 | +58.7% | 8.6% | 13.6% |
| 2020 | +58.2% | 3.5% | 5.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 13.7% | 11.6% | 16.2% | 10 |
| 1970s | 12.2% | 10.7% | 14.1% | 10 |
| 1980s | 11.8% | 8.6% | 13.8% | 10 |
| 1990s | 8.9% | 6.9% | 13.6% | 10 |
| 2000s | 4.6% | 1.8% | 6.5% | 10 |
| 2010s | 3.4% | 2.4% | 4.1% | 10 |
| 2020s | 5.3% | 4.3% | 6.4% | 6 |
Countries ranked near South Africa
More economy & growth data for South Africa
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 0.4836 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 1.4 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -4.01 billion BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0094 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -61.95 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -2.16 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -192.73 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0051 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita -33.37 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 16.18 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in South Africa?
- Insurance and financial services in South Africa was 5.6% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in South Africa?
- The highest recorded value was 16.2% in 1962.
- What is the lowest insurance and financial services recorded in South Africa?
- The lowest recorded value was 1.8% in 2009.
- How does South Africa rank for insurance and financial services?
- South Africa ranks 108th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in South Africa?
- Over the last ten years it is up 35.5%. The long-run trend across the full record is falling.
- Where does this South Africa 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.