Insurance and financial services in Malawi
Malawi: Insurance and financial services was 2.1% in 2024. ◆ Volatile
Insurance and financial services in Malawi, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
In 2024, insurance and financial services in Malawi stood at 2.1%.
That represents a change of up 2.6% on the previous year and down 88.5% over ten years.
Over the whole period, insurance and financial services in Malawi peaked at 29.8% in 2017 and was at its lowest, 0.1%, in 1988.
That places Malawi 107th out of 190 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 Malawi, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1977 | 1.7% | — |
| 1978 | 1.0% | -44.0% |
| 1979 | 0.8% | -20.3% |
| 1980 | 0.9% | +20.1% |
| 1981 | 0.5% | -42.3% |
| 1982 | 0.2% | -68.3% |
| 1983 | 0.3% | +74.0% |
| 1984 | 0.2% | -29.2% |
| 1985 | 0.3% | +60.6% |
| 1986 | 0.2% | -52.3% |
| 1987 | 0.1% | -20.5% |
| 1988 | 0.1% | -20.4% |
| 1989 | 0.1% | +17.0% |
| 1990 | 0.1% | -7.4% |
| 1991 | 0.1% | +26.3% |
| 1992 | 0.4% | +152.4% |
| 1993 | 0.3% | -22.1% |
| 2003 | 0.3% | +6.8% |
| 2004 | 0.4% | +44.9% |
| 2005 | 0.3% | -28.5% |
| 2006 | 0.3% | +4.5% |
| 2007 | 0.2% | -31.4% |
| 2008 | 4.7% | +2077.7% |
| 2009 | 0.3% | -94.1% |
| 2010 | 1.1% | +286.8% |
| 2011 | 18.0% | +1563.7% |
| 2012 | 18.7% | +4.1% |
| 2013 | 17.4% | -6.8% |
| 2014 | 18.1% | +4.0% |
| 2015 | 17.0% | -6.1% |
| 2016 | 19.7% | +15.6% |
| 2017 | 29.8% | +51.7% |
| 2018 | 22.2% | -25.5% |
| 2019 | 1.3% | -94.1% |
| 2020 | 0.9% | -31.4% |
| 2021 | 1.6% | +78.6% |
| 2022 | 3.6% | +122.9% |
| 2023 | 2.0% | -43.3% |
| 2024 | 2.1% | +2.6% |
Malawi compared with similar countries
- Malawi's 2.1% is below the median for low income countries, which is 2.9%, 73% of the median. (21 countries reporting)
- Malawi's 2.1% is below the median for Sub-Saharan Africa, which is 3.3%, 63% of the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Malawi 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 |
|---|---|---|---|
| 2008 | +2077.7% | 0.2% | 4.7% |
| 2011 | +1563.7% | 1.1% | 18.0% |
| 2010 | +286.8% | 0.3% | 1.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.2% | 0.8% | 1.7% | 3 |
| 1980s | 0.3% | 0.1% | 0.9% | 10 |
| 1990s | 0.2% | 0.1% | 0.4% | 4 |
| 2000s | 0.9% | 0.2% | 4.7% | 7 |
| 2010s | 16.3% | 1.1% | 29.8% | 10 |
| 2020s | 2.0% | 0.9% | 3.6% | 5 |
Countries ranked near Malawi
More private sector data for Malawi
- Merchandise trade 30.9% (2025)
- Food imports 11.8% (2024)
- Manufactures imports 68.1% (2024)
- Merchandise imports 3.66 billion current US$ (2025)
- Food exports 90.2% (2024)
- Manufactures exports 8.0% (2024)
- Merchandise exports 947.00 million current US$ (2025)
- Merchandise exports (current US$), per capita 42.63 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.0635 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -1.15 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Malawi?
- Insurance and financial services in Malawi was 2.1% 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 Malawi?
- The highest recorded value was 29.8% in 2017.
- What is the lowest insurance and financial services recorded in Malawi?
- The lowest recorded value was 0.1% in 1988.
- How does Malawi rank for insurance and financial services?
- Malawi ranks 107th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Malawi?
- Over the last ten years it is down 88.5%. The long-run trend across the full record is volatile.
- Where does this Malawi 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.
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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.