Insurance and financial services in Madagascar
Madagascar: Insurance and financial services was 0.5% in 2024. ◆ Volatile
Insurance and financial services in Madagascar, 1974–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
The most recent figure for insurance and financial services in Madagascar is 0.5%, measured in 2024.
The figure is down 31.5% on the previous year and up 133.7% over ten years.
Over the whole period, insurance and financial services in Madagascar peaked at 6.6% in 1993 and was at its lowest, 0.0%, in 2005.
That places Madagascar 161st out of 190 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Madagascar, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1974 | 3.5% | — |
| 1975 | 2.6% | -25.2% |
| 1976 | 1.0% | -63.1% |
| 1977 | 1.2% | +23.0% |
| 1978 | 0.6% | -52.0% |
| 1979 | 0.7% | +15.1% |
| 1980 | 0.6% | -6.0% |
| 1981 | 0.5% | -12.1% |
| 1982 | 0.6% | +16.0% |
| 1983 | 0.6% | -1.0% |
| 1984 | 1.5% | +133.8% |
| 1985 | 0.8% | -44.7% |
| 1986 | 0.9% | +10.4% |
| 1987 | 0.6% | -28.3% |
| 1988 | 0.4% | -31.9% |
| 1989 | 0.3% | -42.2% |
| 1990 | 0.3% | +13.2% |
| 1991 | 3.8% | +1251.1% |
| 1992 | 4.9% | +28.7% |
| 1993 | 6.6% | +33.3% |
| 1994 | 2.3% | -64.4% |
| 1995 | 2.2% | -5.8% |
| 1996 | 1.9% | -14.1% |
| 1997 | 1.6% | -14.4% |
| 1998 | 1.7% | +6.5% |
| 1999 | 1.5% | -12.8% |
| 2000 | 1.1% | -24.3% |
| 2001 | 0.8% | -30.2% |
| 2002 | 0.4% | -46.8% |
| 2003 | 1.8% | +319.5% |
| 2004 | 1.0% | -41.7% |
| 2005 | 0.0% | -99.4% |
| 2006 | 0.0% | +315.1% |
| 2007 | 0.0% | -22.3% |
| 2008 | 0.0% | +144.9% |
| 2009 | 0.0% | -41.4% |
| 2010 | 0.1% | +295.1% |
| 2011 | 0.1% | -7.6% |
| 2012 | 0.1% | +13.7% |
| 2013 | 0.1% | +21.9% |
| 2014 | 0.2% | +44.2% |
| 2015 | 0.4% | +88.4% |
| 2016 | 0.3% | -20.7% |
| 2017 | 0.3% | -14.2% |
| 2018 | 0.5% | +95.6% |
| 2019 | 0.5% | -1.9% |
| 2020 | 0.8% | +55.9% |
| 2021 | 0.5% | -29.8% |
| 2022 | 0.6% | +12.6% |
| 2023 | 0.7% | +12.4% |
| 2024 | 0.5% | -31.5% |
Madagascar compared with similar countries
- Madagascar's 0.5% is below the median for low income countries, which is 2.9%, 17% of the median. (21 countries reporting)
- Madagascar's 0.5% is below the median for Sub-Saharan Africa, which is 3.3%, 14% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Madagascar 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 |
|---|---|---|---|
| 1991 | +1251.1% | 0.3% | 3.8% |
| 2003 | +319.5% | 0.4% | 1.8% |
| 2006 | +315.1% | 0.0% | 0.0% |
| 2010 | +295.1% | 0.0% | 0.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.6% | 0.6% | 3.5% | 6 |
| 1980s | 0.7% | 0.3% | 1.5% | 10 |
| 1990s | 2.7% | 0.3% | 6.6% | 10 |
| 2000s | 0.5% | 0.0% | 1.8% | 10 |
| 2010s | 0.3% | 0.1% | 0.5% | 10 |
| 2020s | 0.6% | 0.5% | 0.8% | 5 |
Countries ranked near Madagascar
- 159 Paraguay 0.5% compare
- 160 Saint Lucia 0.5% compare
- 162 Afghanistan 0.4% compare
- 163 Congo, Democratic Republic of the 0.4% compare
- 164 Bosnia and Herzegovina 0.4% compare
More private sector data for Madagascar
- Merchandise trade 39.4% (2025)
- Food imports 18.4% (2024)
- Manufactures imports 58.9% (2024)
- Merchandise imports 5.24 billion current US$ (2025)
- Food exports 30.5% (2024)
- Manufactures exports 32.3% (2024)
- Merchandise exports 2.50 billion current US$ (2025)
- Merchandise exports (current US$), per capita 76.3 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1273 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -3.25 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Madagascar?
- Insurance and financial services in Madagascar was 0.5% 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 Madagascar?
- The highest recorded value was 6.6% in 1993.
- What is the lowest insurance and financial services recorded in Madagascar?
- The lowest recorded value was 0.0% in 2005.
- How does Madagascar rank for insurance and financial services?
- Madagascar ranks 161st out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Madagascar?
- Over the last ten years it is up 133.7%. The long-run trend across the full record is volatile.
- Where does this Madagascar 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 — 51 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.