Insurance and financial services in Tanzania
Tanzania: Insurance and financial services was 7.8% in 2024. ▼ Falling
Insurance and financial services in Tanzania, 1976–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
The most recent figure for insurance and financial services in Tanzania is 7.8%, measured in 2024. That is the highest value across all 49 years on record.
The figure is up 4.1% on the previous year and up 293.6% over ten years.
Over the whole period, insurance and financial services in Tanzania peaked at 7.8% in 2024 and was at its lowest, 1.5%, in 2016.
That places Tanzania 75th out of 197 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 49 years of available data.
Insurance and financial services in Tanzania, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1976 | 5.3% | — |
| 1977 | 5.7% | +7.4% |
| 1978 | 5.9% | +5.1% |
| 1979 | 6.0% | +1.6% |
| 1980 | 5.5% | -8.7% |
| 1981 | 6.3% | +14.1% |
| 1982 | 7.4% | +17.1% |
| 1983 | 6.6% | -11.1% |
| 1984 | 6.5% | -0.9% |
| 1985 | 6.2% | -4.3% |
| 1986 | 6.2% | +0.2% |
| 1987 | 6.7% | +6.9% |
| 1988 | 5.9% | -12.1% |
| 1989 | 5.9% | +0.2% |
| 1990 | 6.2% | +4.9% |
| 1991 | 6.1% | -0.6% |
| 1992 | 5.8% | -4.5% |
| 1993 | 2.7% | -53.5% |
| 1994 | 3.9% | +43.0% |
| 1995 | 2.5% | -35.6% |
| 1996 | 3.5% | +40.7% |
| 1997 | 2.7% | -24.4% |
| 1998 | 4.5% | +67.3% |
| 1999 | 2.1% | -53.4% |
| 2000 | 3.2% | +52.5% |
| 2001 | 3.5% | +10.6% |
| 2002 | 5.0% | +44.1% |
| 2003 | 5.7% | +13.6% |
| 2004 | 4.4% | -23.2% |
| 2005 | 4.0% | -8.4% |
| 2006 | 4.5% | +11.6% |
| 2007 | 4.8% | +7.2% |
| 2008 | 4.0% | -16.4% |
| 2009 | 3.8% | -7.0% |
| 2010 | 3.9% | +2.7% |
| 2011 | 3.6% | -7.8% |
| 2012 | 3.3% | -6.5% |
| 2013 | 2.4% | -28.9% |
| 2014 | 2.0% | -16.4% |
| 2015 | 2.1% | +8.3% |
| 2016 | 1.5% | -31.9% |
| 2017 | 2.5% | +74.8% |
| 2018 | 4.2% | +63.3% |
| 2019 | 4.6% | +9.5% |
| 2020 | 5.4% | +19.3% |
| 2021 | 4.8% | -11.5% |
| 2022 | 5.9% | +22.1% |
| 2023 | 7.5% | +27.2% |
| 2024 | 7.8% | +4.1% |
Tanzania compared with similar countries
- Tanzania's 7.8% is above the median for lower middle income countries, which is 6.5%, 1.2× the median. (47 countries reporting)
- Tanzania's 7.8% is above the median for Sub-Saharan Africa, which is 6.5%, 1.2× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.7% | 5.3% | 6.0% | 4 |
| 1980s | 6.3% | 5.5% | 7.4% | 10 |
| 1990s | 4.0% | 2.1% | 6.2% | 10 |
| 2000s | 4.3% | 3.2% | 5.7% | 10 |
| 2010s | 3.0% | 1.5% | 4.6% | 10 |
| 2020s | 6.3% | 4.8% | 7.8% | 5 |
Countries ranked near Tanzania
More economy & growth data for Tanzania
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.67 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.5 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 2.26 million BoP, current US$ (2003)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0001 BoP, current US$ per US$ of GDP (2003)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.0609 BoP, current US$ per person (2003)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.72 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 4.16 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0217 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 25.05 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -14.24 % change on previous year (2018)
Frequently asked questions
- What is insurance and financial services in Tanzania?
- Insurance and financial services in Tanzania was 7.8% 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 Tanzania?
- The highest recorded value was 7.8% in 2024.
- What is the lowest insurance and financial services recorded in Tanzania?
- The lowest recorded value was 1.5% in 2016.
- How does Tanzania rank for insurance and financial services?
- Tanzania ranks 75th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Tanzania?
- Over the last ten years it is up 293.6%. The long-run trend across the full record is falling.
- Where does this Tanzania 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 — 49 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.