Insurance and financial services in Kenya
Kenya: Insurance and financial services was 11.1% in 2024. ◆ Volatile
Insurance and financial services in Kenya, 1975–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
Kenya recorded 11.1% for insurance and financial services in 2024.
The figure is down 22.2% on the previous year and up 60.4% over ten years.
Over the whole period, insurance and financial services in Kenya peaked at 18.1% in 2018 and was at its lowest, 0.3%, in 2007.
That places Kenya 30th out of 190 countries with data for 2024, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Kenya, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1975 | 1.4% | — |
| 1976 | 1.8% | +30.6% |
| 1977 | 1.3% | -28.6% |
| 1978 | 1.2% | -6.3% |
| 1979 | 1.6% | +29.6% |
| 1980 | 0.9% | -44.3% |
| 1981 | 1.1% | +21.9% |
| 1982 | 1.3% | +23.3% |
| 1983 | 1.5% | +14.0% |
| 1984 | 1.4% | -6.2% |
| 1985 | 1.0% | -27.0% |
| 1986 | 0.8% | -23.9% |
| 1987 | 0.7% | -11.5% |
| 1988 | 0.8% | +10.8% |
| 1989 | 0.8% | +5.2% |
| 1990 | 0.7% | -19.1% |
| 1991 | 0.7% | -0.3% |
| 1992 | 0.7% | +10.5% |
| 1993 | 0.5% | -30.6% |
| 1994 | 0.4% | -14.3% |
| 1995 | 1.4% | +234.5% |
| 1996 | 1.6% | +8.6% |
| 1997 | 1.0% | -35.9% |
| 1998 | 0.7% | -31.8% |
| 1999 | 0.4% | -47.2% |
| 2000 | 0.5% | +39.2% |
| 2001 | 0.4% | -14.3% |
| 2002 | 1.4% | +234.5% |
| 2003 | 1.6% | +8.6% |
| 2004 | 1.0% | -35.9% |
| 2005 | 0.7% | -31.8% |
| 2006 | 0.4% | -46.4% |
| 2007 | 0.3% | -14.4% |
| 2008 | 0.4% | +31.2% |
| 2009 | 0.6% | +56.0% |
| 2010 | 4.7% | +627.6% |
| 2011 | 5.7% | +22.5% |
| 2012 | 7.2% | +26.3% |
| 2013 | 7.6% | +4.3% |
| 2014 | 6.9% | -8.6% |
| 2015 | 9.1% | +31.0% |
| 2016 | 10.8% | +19.6% |
| 2017 | 15.7% | +44.8% |
| 2018 | 18.1% | +15.8% |
| 2019 | 13.9% | -23.4% |
| 2020 | 18.1% | +30.5% |
| 2021 | 14.4% | -20.6% |
| 2022 | 12.9% | -10.4% |
| 2023 | 14.3% | +10.4% |
| 2024 | 11.1% | -22.2% |
Kenya compared with similar countries
- Kenya's 11.1% is above the median for lower middle income countries, which is 1.8%, 6.3× the median. (46 countries reporting)
- Kenya's 11.1% is above the median for Sub-Saharan Africa, which is 3.3%, 3.3× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Kenya 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 |
|---|---|---|---|
| 2010 | +627.6% | 0.6% | 4.7% |
| 1995 | +234.5% | 0.4% | 1.4% |
| 2002 | +234.5% | 0.4% | 1.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.5% | 1.2% | 1.8% | 5 |
| 1980s | 1.0% | 0.7% | 1.5% | 10 |
| 1990s | 0.8% | 0.4% | 1.6% | 10 |
| 2000s | 0.7% | 0.3% | 1.6% | 10 |
| 2010s | 10.0% | 4.7% | 18.1% | 10 |
| 2020s | 14.2% | 11.1% | 18.1% | 5 |
Countries ranked near Kenya
More private sector data for Kenya
- Merchandise trade 22.2% (2025)
- Food imports 16.3% (2024)
- Manufactures imports 56.6% (2024)
- Merchandise imports 21.61 billion current US$ (2025)
- Food exports 49.2% (2024)
- Manufactures exports 30.7% (2024)
- Merchandise exports 8.60 billion current US$ (2025)
- Merchandise exports (current US$), per capita 149.5 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.0633 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 4.42 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Kenya?
- Insurance and financial services in Kenya was 11.1% 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 Kenya?
- The highest recorded value was 18.1% in 2018.
- What is the lowest insurance and financial services recorded in Kenya?
- The lowest recorded value was 0.3% in 2007.
- How does Kenya rank for insurance and financial services?
- Kenya ranks 30th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Kenya?
- Over the last ten years it is up 60.4%. The long-run trend across the full record is volatile.
- Where does this Kenya 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 commercial service exports). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 50 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.