Insurance and financial services in Benin
Benin: Insurance and financial services was 2.7% in 2023. ◆ Volatile
Insurance and financial services in Benin, 1974–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
The most recent figure for insurance and financial services in Benin is 2.7%, measured in 2023.
The figure is up 40.0% on the previous year and down 10.5% over ten years.
Over the whole period, insurance and financial services in Benin peaked at 14.7% in 1982 and was at its lowest, 1.5%, in 2020.
Benin ranks 163rd of 197 countries on this measure, 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 Benin, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1974 | 11.8% | — |
| 1975 | 11.2% | -5.3% |
| 1976 | 13.4% | +19.6% |
| 1977 | 13.8% | +3.0% |
| 1978 | 13.3% | -3.3% |
| 1979 | 11.9% | -10.9% |
| 1980 | 11.3% | -4.5% |
| 1981 | 14.0% | +23.9% |
| 1982 | 14.7% | +4.6% |
| 1983 | 12.2% | -16.7% |
| 1984 | 12.3% | +0.5% |
| 1985 | 5.6% | -54.2% |
| 1986 | 6.6% | +17.1% |
| 1987 | 6.5% | -1.6% |
| 1988 | 6.9% | +5.6% |
| 1989 | 6.9% | +0.7% |
| 1990 | 5.7% | -17.9% |
| 1991 | 3.4% | -40.7% |
| 1992 | 5.4% | +61.1% |
| 1993 | 7.0% | +28.9% |
| 1994 | 7.5% | +7.3% |
| 1995 | 10.4% | +38.7% |
| 1996 | 9.8% | -6.0% |
| 1997 | 12.2% | +24.8% |
| 1998 | 9.7% | -20.1% |
| 1999 | 9.3% | -4.8% |
| 2000 | 9.2% | -0.9% |
| 2001 | 10.2% | +11.1% |
| 2002 | 11.2% | +9.6% |
| 2003 | 13.4% | +20.1% |
| 2004 | 11.2% | -16.6% |
| 2005 | 11.2% | -0.3% |
| 2006 | 9.8% | -12.2% |
| 2007 | 9.8% | +0.2% |
| 2008 | 4.8% | -50.7% |
| 2009 | 4.8% | -0.1% |
| 2010 | 4.8% | +0.0% |
| 2011 | 4.8% | -0.7% |
| 2012 | 7.5% | +56.2% |
| 2013 | 3.0% | -60.3% |
| 2014 | 2.4% | -19.4% |
| 2015 | 2.6% | +7.3% |
| 2016 | 1.9% | -25.2% |
| 2017 | 1.8% | -5.3% |
| 2018 | 1.9% | +2.8% |
| 2019 | 1.8% | -4.8% |
| 2020 | 1.5% | -15.4% |
| 2021 | 2.1% | +40.6% |
| 2022 | 1.9% | -10.3% |
| 2023 | 2.7% | +40.0% |
Benin compared with similar countries
- Benin's 2.7% is below the median for lower middle income countries, which is 6.5%, 41% of the median. (47 countries reporting)
- Benin's 2.7% is below the median for Sub-Saharan Africa, which is 6.5%, 41% of the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 12.5% | 11.2% | 13.8% | 6 |
| 1980s | 9.7% | 5.6% | 14.7% | 10 |
| 1990s | 8.0% | 3.4% | 12.2% | 10 |
| 2000s | 9.6% | 4.8% | 13.4% | 10 |
| 2010s | 3.3% | 1.8% | 7.5% | 10 |
| 2020s | 2.1% | 1.5% | 2.7% | 4 |
Countries ranked near Benin
More private sector data for Benin
- Merchandise trade 36.4% (2025)
- Food imports 33.3% (2024)
- Manufactures imports 50.1% (2024)
- Merchandise imports 4.95 billion current US$ (2025)
- Food exports 39.7% (2024)
- Manufactures exports 7.4% (2024)
- Merchandise exports 3.99 billion current US$ (2025)
- Merchandise exports (current US$), per capita 269.2 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1623 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -0.8946 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Benin?
- Insurance and financial services in Benin was 2.7% 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 Benin?
- The highest recorded value was 14.7% in 1982.
- What is the lowest insurance and financial services recorded in Benin?
- The lowest recorded value was 1.5% in 2020.
- How does Benin rank for insurance and financial services?
- Benin ranks 163rd out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Benin?
- Over the last ten years it is down 10.5%. The long-run trend across the full record is volatile.
- Where does this Benin 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.