Insurance and financial services in Uganda
Uganda: Insurance and financial services was 3.4% in 2024. ▼ Falling
Insurance and financial services in Uganda, 1980–2024
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 Uganda is 3.4%, measured in 2024.
That represents a change of up 1.6% on the previous year and up 6.1% over ten years.
Over the whole period, insurance and financial services in Uganda peaked at 8.8% in 1984 and was at its lowest, 2.9%, in 2019.
That places Uganda 147th 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 45 years of available data.
Insurance and financial services in Uganda, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1980 | 4.4% | — |
| 1981 | 3.1% | -28.9% |
| 1982 | 5.3% | +67.2% |
| 1983 | 5.7% | +8.5% |
| 1984 | 8.8% | +54.4% |
| 1985 | 5.3% | -40.0% |
| 1986 | 5.9% | +12.0% |
| 1987 | 5.6% | -5.1% |
| 1988 | 5.7% | +2.0% |
| 1989 | 6.4% | +11.5% |
| 1990 | 6.5% | +1.4% |
| 1991 | 4.0% | -37.9% |
| 1992 | 4.4% | +9.2% |
| 1993 | 4.2% | -4.5% |
| 1994 | 4.2% | +0.5% |
| 1995 | 4.2% | +0.7% |
| 1996 | 3.9% | -7.2% |
| 1997 | 4.0% | +2.0% |
| 1998 | 4.1% | +2.9% |
| 1999 | 3.1% | -25.6% |
| 2000 | 3.2% | +5.5% |
| 2001 | 4.5% | +40.0% |
| 2002 | 5.7% | +24.8% |
| 2003 | 8.3% | +47.0% |
| 2004 | 8.5% | +2.1% |
| 2005 | 8.5% | -0.6% |
| 2006 | 7.8% | -7.7% |
| 2007 | 8.2% | +4.3% |
| 2008 | 7.7% | -5.9% |
| 2009 | 5.3% | -31.1% |
| 2010 | 3.5% | -33.1% |
| 2011 | 4.0% | +13.4% |
| 2012 | 4.0% | +0.7% |
| 2013 | 3.4% | -17.1% |
| 2014 | 3.2% | -3.7% |
| 2015 | 3.4% | +4.9% |
| 2016 | 3.9% | +14.5% |
| 2017 | 3.2% | -18.2% |
| 2018 | 3.3% | +3.2% |
| 2019 | 2.9% | -12.2% |
| 2020 | 3.0% | +4.1% |
| 2021 | 3.2% | +7.8% |
| 2022 | 3.5% | +8.2% |
| 2023 | 3.4% | -3.2% |
| 2024 | 3.4% | +1.6% |
Uganda compared with similar countries
- Uganda's 3.4% is below the median for low income countries, which is 4.1%, 83% of the median. (22 countries reporting)
- Uganda's 3.4% is below the median for Sub-Saharan Africa, which is 6.5%, 53% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Uganda 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 |
|---|---|---|---|
| 1982 | +67.2% | 3.1% | 5.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 5.6% | 3.1% | 8.8% | 10 |
| 1990s | 4.3% | 3.1% | 6.5% | 10 |
| 2000s | 6.8% | 3.2% | 8.5% | 10 |
| 2010s | 3.5% | 2.9% | 4.0% | 10 |
| 2020s | 3.3% | 3.0% | 3.5% | 5 |
Countries ranked near Uganda
More economy & growth data for Uganda
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 4.29 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.99 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 399,794 BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.008 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 3.26 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 8.81 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0604 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 65.12 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -11.58 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Uganda?
- Insurance and financial services in Uganda was 3.4% 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 Uganda?
- The highest recorded value was 8.8% in 1984.
- What is the lowest insurance and financial services recorded in Uganda?
- The lowest recorded value was 2.9% in 2019.
- How does Uganda rank for insurance and financial services?
- Uganda ranks 147th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Uganda?
- Over the last ten years it is up 6.1%. The long-run trend across the full record is falling.
- Where does this Uganda 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 — 45 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.