Insurance and financial services in Africa Eastern and Southern
Africa Eastern and Southern: Insurance and financial services was 7.6% in 2024. ▼ Falling
Insurance and financial services in Africa Eastern and Southern, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Africa Eastern and Southern recorded 7.6% for insurance and financial services in 2024.
The figure is up 24.1% on the previous year and up 49.9% over ten years.
Over the whole period, insurance and financial services in Africa Eastern and Southern peaked at 10.4% in 1977 and was at its lowest, 4.0%, in 2009.
That places Africa Eastern and Southern 29th out of 47 groups with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 48 years of available data.
Insurance and financial services in Africa Eastern and Southern, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 10.4% | — |
| 1978 | 9.9% | -4.8% |
| 1979 | 9.6% | -3.1% |
| 1980 | 9.8% | +2.1% |
| 1981 | 9.7% | -1.0% |
| 1982 | 9.6% | -0.5% |
| 1983 | 10.0% | +3.9% |
| 1984 | 9.9% | -1.2% |
| 1985 | 9.4% | -4.7% |
| 1986 | 9.3% | -1.1% |
| 1987 | 8.3% | -10.4% |
| 1988 | 7.1% | -14.3% |
| 1989 | 7.1% | -0.1% |
| 1990 | 8.0% | +12.3% |
| 1991 | 6.5% | -19.1% |
| 1992 | 6.8% | +5.4% |
| 1993 | 6.6% | -3.3% |
| 1994 | 7.4% | +11.3% |
| 1995 | 9.6% | +30.5% |
| 1996 | 7.1% | -26.5% |
| 1997 | 6.9% | -2.8% |
| 1998 | 6.2% | -9.0% |
| 1999 | 5.7% | -9.0% |
| 2000 | 5.4% | -4.7% |
| 2001 | 5.6% | +4.1% |
| 2002 | 5.5% | -3.2% |
| 2003 | 6.0% | +9.7% |
| 2004 | 6.1% | +2.0% |
| 2005 | 5.8% | -4.6% |
| 2006 | 5.5% | -5.9% |
| 2007 | 4.9% | -11.6% |
| 2008 | 4.7% | -2.4% |
| 2009 | 4.0% | -16.4% |
| 2010 | 4.6% | +15.4% |
| 2011 | 4.5% | -1.0% |
| 2012 | 4.8% | +5.6% |
| 2013 | 5.0% | +4.8% |
| 2014 | 5.1% | +1.9% |
| 2015 | 5.0% | -2.3% |
| 2016 | 4.9% | -1.8% |
| 2017 | 6.2% | +25.9% |
| 2018 | 5.8% | -5.4% |
| 2019 | 5.9% | +1.9% |
| 2020 | 6.9% | +15.8% |
| 2021 | 6.5% | -5.0% |
| 2022 | 5.7% | -12.2% |
| 2023 | 6.2% | +7.2% |
| 2024 | 7.6% | +24.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 9.9% | 9.6% | 10.4% | 3 |
| 1980s | 9.0% | 7.1% | 10.0% | 10 |
| 1990s | 7.1% | 5.7% | 9.6% | 10 |
| 2000s | 5.3% | 4.0% | 6.1% | 10 |
| 2010s | 5.2% | 4.5% | 6.2% | 10 |
| 2020s | 6.6% | 5.7% | 7.6% | 5 |
Countries ranked near Africa Eastern and Southern
More private sector data for Africa Eastern and Southern
- Merchandise trade 45.4% (2025)
- Food imports 10.9% (2024)
- Manufactures imports 60.3% (2024)
- Merchandise imports 337.80 billion current US$ (2025)
- Food exports 14.5% (2024)
- Manufactures exports 26.0% (2024)
- Merchandise exports 282.56 billion current US$ (2025)
- Merchandise exports (current US$), per capita 358.19 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.208 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 5.18 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Africa Eastern and Southern?
- Insurance and financial services in Africa Eastern and Southern was 7.6% 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 Africa Eastern and Southern?
- The highest recorded value was 10.4% in 1977.
- What is the lowest insurance and financial services recorded in Africa Eastern and Southern?
- The lowest recorded value was 4.0% in 2009.
- How does Africa Eastern and Southern rank for insurance and financial services?
- Africa Eastern and Southern ranks 29th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Africa Eastern and Southern?
- Over the last ten years it is up 49.9%. The long-run trend across the full record is falling.
- Where does this Africa Eastern and Southern 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 imports). 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 imports which are commercial services provided by non-residents to residents.