Insurance and financial services in Ethiopia
Ethiopia: Insurance and financial services was 13.3% in 2024. ▲ Rising
Insurance and financial services in Ethiopia, 1977–2024
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 Ethiopia is 13.3%, measured in 2024. That is the highest value across all 45 years on record.
Compared with earlier readings it is up 351.6% on the previous year and up 223.0% over ten years.
Over the whole period, insurance and financial services in Ethiopia peaked at 13.3% in 2024 and was at its lowest, 2.2%, in 1991.
Ethiopia ranks 27th of 197 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 45 years of available data.
Insurance and financial services in Ethiopia, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 4.4% | — |
| 1978 | 4.2% | -3.9% |
| 1979 | 2.6% | -38.8% |
| 1983 | 4.4% | +69.4% |
| 1984 | 4.2% | -4.3% |
| 1985 | 4.1% | -1.5% |
| 1986 | 4.6% | +11.5% |
| 1987 | 3.9% | -14.9% |
| 1988 | 3.8% | -2.8% |
| 1989 | 3.4% | -11.2% |
| 1990 | 3.4% | +1.4% |
| 1991 | 2.2% | -34.4% |
| 1992 | 4.1% | +83.2% |
| 1993 | 7.4% | +81.1% |
| 1994 | 7.8% | +4.8% |
| 1995 | 7.4% | -5.3% |
| 1996 | 5.8% | -21.1% |
| 1997 | 5.5% | -5.4% |
| 1998 | 5.4% | -1.4% |
| 1999 | 5.3% | -2.7% |
| 2000 | 3.6% | -32.3% |
| 2001 | 5.8% | +62.4% |
| 2002 | 5.4% | -6.7% |
| 2003 | 6.2% | +14.8% |
| 2004 | 5.0% | -19.5% |
| 2005 | 5.1% | +1.1% |
| 2006 | 5.7% | +12.8% |
| 2007 | 4.1% | -27.7% |
| 2008 | 4.1% | +0.3% |
| 2009 | 4.5% | +7.7% |
| 2010 | 4.2% | -6.8% |
| 2011 | 3.4% | -18.2% |
| 2012 | 4.0% | +18.3% |
| 2013 | 4.3% | +6.5% |
| 2014 | 4.1% | -3.9% |
| 2015 | 4.0% | -2.7% |
| 2016 | 3.7% | -6.3% |
| 2017 | 4.0% | +7.6% |
| 2018 | 3.3% | -17.0% |
| 2019 | 3.2% | -4.4% |
| 2020 | 4.1% | +29.2% |
| 2021 | 4.4% | +5.4% |
| 2022 | 3.4% | -21.5% |
| 2023 | 2.9% | -14.1% |
| 2024 | 13.3% | +351.6% |
Ethiopia compared with similar countries
- Ethiopia's 13.3% is above the median for low income countries, which is 4.2%, 3.2× the median. (22 countries reporting)
- Ethiopia's 13.3% is above the median for Sub-Saharan Africa, which is 6.5%, 2.0× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Ethiopia 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 |
|---|---|---|---|
| 2024 | +351.6% | 2.9% | 13.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.7% | 2.6% | 4.4% | 3 |
| 1980s | 4.0% | 3.4% | 4.6% | 7 |
| 1990s | 5.4% | 2.2% | 7.8% | 10 |
| 2000s | 4.9% | 3.6% | 6.2% | 10 |
| 2010s | 3.8% | 3.2% | 4.3% | 10 |
| 2020s | 5.6% | 2.9% | 13.3% | 5 |
Countries ranked near Ethiopia
- 24 Ecuador 14.2% compare
- 25 Iran, Islamic Republic of 13.5% compare
- 26 Saint Vincent and the Grenadines 13.5% compare
- 28 Dominica 13.0% compare
- 29 New Zealand 13.0% compare
- 30 Japan 12.9% compare
More private sector data for Ethiopia
- Merchandise trade 24.2% (2025)
- Food imports 13.8% (2023)
- Manufactures imports 69.2% (2023)
- Merchandise imports 23.01 billion current US$ (2025)
- Food exports 80.4% (2023)
- Manufactures exports 9.2% (2023)
- Merchandise exports 7.58 billion current US$ (2025)
- Merchandise exports (current US$), per capita 55.99 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.06 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 38.61 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Ethiopia?
- Insurance and financial services in Ethiopia was 13.3% 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 Ethiopia?
- The highest recorded value was 13.3% in 2024.
- What is the lowest insurance and financial services recorded in Ethiopia?
- The lowest recorded value was 2.2% in 1991.
- How does Ethiopia rank for insurance and financial services?
- Ethiopia ranks 27th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Ethiopia?
- Over the last ten years it is up 223.0%. The long-run trend across the full record is rising.
- Where does this Ethiopia 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.
Download this data
CSV · JSON — 45 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 imports which are commercial services provided by non-residents to residents.