Insurance and financial services in Senegal
Senegal: Insurance and financial services was 5.2% in 2023. ◆ Volatile
Insurance and financial services in Senegal, 1974–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
In 2023, insurance and financial services in Senegal stood at 5.2%.
The figure is up 49.0% on the previous year and up 206.7% over ten years.
Over the whole period, insurance and financial services in Senegal peaked at 5.3% in 1977 and was at its lowest, 0.4%, in 1981.
That places Senegal 66th out of 190 countries with data for 2023, 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 Senegal, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1974 | 0.9% | — |
| 1975 | 0.7% | -15.4% |
| 1976 | 4.2% | +478.0% |
| 1977 | 5.3% | +26.7% |
| 1978 | 5.0% | -5.1% |
| 1979 | 0.5% | -89.9% |
| 1980 | 0.5% | -3.3% |
| 1981 | 0.4% | -22.3% |
| 1982 | 0.4% | +8.2% |
| 1983 | 0.4% | +6.9% |
| 1984 | 0.7% | +48.8% |
| 1985 | 0.7% | +2.2% |
| 1986 | 0.7% | -0.0% |
| 1987 | 0.6% | -8.6% |
| 1988 | 0.6% | -6.9% |
| 1989 | 0.6% | +13.2% |
| 1990 | 0.5% | -16.9% |
| 1991 | 0.7% | +24.9% |
| 1992 | 0.7% | -2.6% |
| 1993 | 0.8% | +29.4% |
| 1994 | 0.6% | -34.5% |
| 1995 | 0.6% | +2.5% |
| 1996 | 0.5% | -13.5% |
| 1997 | 0.6% | +23.2% |
| 1998 | 3.1% | +418.6% |
| 1999 | 2.1% | -32.5% |
| 2000 | 2.1% | -1.8% |
| 2001 | 3.0% | +44.6% |
| 2002 | 1.7% | -44.9% |
| 2003 | 2.0% | +20.1% |
| 2004 | 1.6% | -19.6% |
| 2005 | 2.2% | +34.9% |
| 2006 | 2.6% | +19.9% |
| 2007 | 1.9% | -26.9% |
| 2008 | 1.5% | -22.5% |
| 2009 | 1.9% | +31.1% |
| 2010 | 1.5% | -20.5% |
| 2011 | 1.9% | +22.6% |
| 2012 | 2.6% | +38.4% |
| 2013 | 1.7% | -35.0% |
| 2014 | 2.3% | +39.0% |
| 2015 | 2.3% | -0.9% |
| 2016 | 2.4% | +5.2% |
| 2017 | 2.6% | +4.7% |
| 2018 | 2.8% | +11.4% |
| 2019 | 2.9% | +2.0% |
| 2020 | 4.6% | +60.3% |
| 2021 | 4.4% | -5.9% |
| 2022 | 3.5% | -20.8% |
| 2023 | 5.2% | +49.0% |
Senegal compared with similar countries
- Senegal's 5.2% is above the median for lower middle income countries, which is 1.8%, 2.9× the median. (46 countries reporting)
- Senegal's 5.2% is above the median for Sub-Saharan Africa, which is 3.3%, 1.6× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Senegal 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 |
|---|---|---|---|
| 1976 | +478.0% | 0.7% | 4.2% |
| 1998 | +418.6% | 0.6% | 3.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 2.8% | 0.5% | 5.3% | 6 |
| 1980s | 0.6% | 0.4% | 0.7% | 10 |
| 1990s | 1.0% | 0.5% | 3.1% | 10 |
| 2000s | 2.0% | 1.5% | 3.0% | 10 |
| 2010s | 2.3% | 1.5% | 2.9% | 10 |
| 2020s | 4.4% | 3.5% | 5.2% | 4 |
Countries ranked near Senegal
More private sector data for Senegal
- Merchandise trade 60.0% (2025)
- Food imports 19.0% (2024)
- Manufactures imports 46.4% (2024)
- Merchandise imports 11.95 billion current US$ (2025)
- Food exports 21.6% (2024)
- Manufactures exports 22.3% (2024)
- Merchandise exports 10.24 billion current US$ (2025)
- Merchandise exports (current US$), per capita 541.04 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2768 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 62.33 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Senegal?
- Insurance and financial services in Senegal was 5.2% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Senegal?
- The highest recorded value was 5.3% in 1977.
- What is the lowest insurance and financial services recorded in Senegal?
- The lowest recorded value was 0.4% in 1981.
- How does Senegal rank for insurance and financial services?
- Senegal ranks 66th out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Senegal?
- Over the last ten years it is up 206.7%. The long-run trend across the full record is volatile.
- Where does this Senegal 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.