Insurance and financial services in Zambia
Zambia: Insurance and financial services was 7.8% in 2024. ◆ Volatile
Insurance and financial services in Zambia, 1978–2024
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 Zambia is 7.8%, measured in 2024.
That represents a change of down 31.3% on the previous year and down 13.2% over ten years.
Over the whole period, insurance and financial services in Zambia peaked at 11.3% in 2023 and was at its lowest, -0.0%, in 1997.
That places Zambia 76th out of 197 countries with data for 2024, putting it 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 Zambia, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1978 | 4.5% | — |
| 1979 | 4.1% | -8.7% |
| 1980 | 4.0% | -2.5% |
| 1981 | 3.4% | -16.6% |
| 1982 | 4.0% | +19.1% |
| 1983 | 4.1% | +2.2% |
| 1984 | 4.5% | +9.1% |
| 1985 | 5.4% | +20.3% |
| 1986 | 5.4% | +0.9% |
| 1987 | 5.0% | -8.4% |
| 1988 | 5.1% | +2.8% |
| 1989 | 4.5% | -11.6% |
| 1990 | 5.1% | +11.5% |
| 1991 | 3.4% | -32.9% |
| 1997 | -0.0% | -101.0% |
| 1998 | 0.1% | -404.0% |
| 1999 | 0.3% | +172.7% |
| 2000 | 5.9% | +1910.5% |
| 2001 | 6.9% | +16.6% |
| 2002 | 6.5% | -6.0% |
| 2003 | 7.0% | +7.4% |
| 2004 | 7.8% | +12.0% |
| 2005 | 3.6% | -53.6% |
| 2006 | 3.5% | -2.4% |
| 2007 | 2.9% | -17.3% |
| 2008 | 3.6% | +24.0% |
| 2009 | 3.5% | -2.5% |
| 2010 | 3.6% | +2.2% |
| 2011 | 9.0% | +149.8% |
| 2012 | 10.8% | +20.1% |
| 2013 | 7.5% | -30.7% |
| 2014 | 9.0% | +19.1% |
| 2015 | 10.7% | +19.5% |
| 2016 | 10.4% | -3.2% |
| 2017 | 10.9% | +5.6% |
| 2018 | 8.6% | -21.6% |
| 2019 | 9.1% | +6.3% |
| 2020 | 6.6% | -27.0% |
| 2021 | 2.4% | -64.1% |
| 2022 | 10.6% | +342.6% |
| 2023 | 11.3% | +7.2% |
| 2024 | 7.8% | -31.3% |
Zambia compared with similar countries
- Zambia's 7.8% is above the median for lower middle income countries, which is 6.5%, 1.2× the median. (47 countries reporting)
- Zambia's 7.8% is above the median for Sub-Saharan Africa, which is 6.5%, 1.2× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Zambia 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 |
|---|---|---|---|
| 2000 | +1910.5% | 0.3% | 5.9% |
| 1998 | +404.0% | -0.0% | 0.1% |
| 2022 | +342.6% | 2.4% | 10.6% |
| 1999 | +172.7% | 0.1% | 0.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.3% | 4.1% | 4.5% | 2 |
| 1980s | 4.5% | 3.4% | 5.4% | 10 |
| 1990s | 1.8% | -0.0% | 5.1% | 5 |
| 2000s | 5.1% | 2.9% | 7.8% | 10 |
| 2010s | 9.0% | 3.6% | 10.9% | 10 |
| 2020s | 7.7% | 2.4% | 11.3% | 5 |
Countries ranked near Zambia
- 73 Peru 7.9% compare
- 74 Central African Republic 7.9% compare
- 75 Tanzania, United Republic of 7.8% compare
- 77 Fiji 7.8% compare
- 78 Georgia 7.7% compare
- 79 Saint Lucia 7.4% compare
More economy & growth data for Zambia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.31 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.92 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 310.54 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0123 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 14.57 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 2.36 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 268.02 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0932 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 110.69 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 28.89 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Zambia?
- Insurance and financial services in Zambia 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 Zambia?
- The highest recorded value was 11.3% in 2023.
- What is the lowest insurance and financial services recorded in Zambia?
- The lowest recorded value was -0.0% in 1997.
- How does Zambia rank for insurance and financial services?
- Zambia ranks 76th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Zambia?
- Over the last ten years it is down 13.2%. The long-run trend across the full record is volatile.
- Where does this Zambia 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.