Insurance and financial services in Madagascar
Madagascar: Insurance and financial services was 1.4% in 2024. ◆ Volatile
Insurance and financial services in Madagascar, 1974–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2024, insurance and financial services in Madagascar stood at 1.4%.
Compared with earlier readings it is down 26.7% on the previous year and up 167.4% over ten years.
Over the whole period, insurance and financial services in Madagascar peaked at 5.8% in 1979 and was at its lowest, 0.2%, in 2008.
Madagascar ranks 190th 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 Madagascar, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1974 | 4.1% | — |
| 1975 | 4.6% | +14.4% |
| 1976 | 3.9% | -15.8% |
| 1977 | 5.4% | +39.1% |
| 1978 | 5.3% | -2.7% |
| 1979 | 5.8% | +10.1% |
| 1980 | 5.7% | -1.8% |
| 1981 | 4.5% | -21.0% |
| 1982 | 4.9% | +8.6% |
| 1983 | 4.3% | -11.4% |
| 1984 | 3.6% | -17.8% |
| 1985 | 3.6% | +2.2% |
| 1986 | 3.6% | -1.5% |
| 1987 | 3.6% | +1.3% |
| 1988 | 3.5% | -3.3% |
| 1989 | 2.5% | -28.4% |
| 1990 | 3.5% | +40.2% |
| 1991 | 3.2% | -8.1% |
| 1992 | 2.6% | -20.3% |
| 1993 | 3.1% | +21.3% |
| 1994 | 1.9% | -38.4% |
| 1995 | 2.7% | +41.5% |
| 1996 | 1.0% | -65.2% |
| 1997 | 2.5% | +165.6% |
| 1998 | 1.8% | -30.4% |
| 1999 | 1.8% | +5.3% |
| 2000 | 1.6% | -14.8% |
| 2001 | 1.3% | -17.8% |
| 2002 | 1.5% | +19.2% |
| 2003 | 3.1% | +98.3% |
| 2004 | 2.4% | -21.8% |
| 2005 | 1.3% | -46.8% |
| 2006 | 0.5% | -57.6% |
| 2007 | 0.3% | -48.0% |
| 2008 | 0.2% | -26.1% |
| 2009 | 0.4% | +82.5% |
| 2010 | 0.3% | -30.3% |
| 2011 | 0.3% | +19.4% |
| 2012 | 0.3% | +7.5% |
| 2013 | 0.7% | +93.4% |
| 2014 | 0.5% | -19.7% |
| 2015 | 0.7% | +25.7% |
| 2016 | 0.6% | -3.2% |
| 2017 | 1.7% | +159.4% |
| 2018 | 1.9% | +17.5% |
| 2019 | 2.4% | +25.7% |
| 2020 | 2.8% | +13.7% |
| 2021 | 2.3% | -18.5% |
| 2022 | 1.8% | -21.2% |
| 2023 | 1.9% | +7.1% |
| 2024 | 1.4% | -26.7% |
Madagascar compared with similar countries
- Madagascar's 1.4% is below the median for low income countries, which is 4.2%, 34% of the median. (22 countries reporting)
- Madagascar's 1.4% is below the median for Sub-Saharan Africa, which is 6.5%, 21% of the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.9% | 3.9% | 5.8% | 6 |
| 1980s | 4.0% | 2.5% | 5.7% | 10 |
| 1990s | 2.4% | 1.0% | 3.5% | 10 |
| 2000s | 1.3% | 0.2% | 3.1% | 10 |
| 2010s | 0.9% | 0.3% | 2.4% | 10 |
| 2020s | 2.0% | 1.4% | 2.8% | 5 |
Countries ranked near Madagascar
More private sector data for Madagascar
- Merchandise trade 39.4% (2025)
- Food imports 18.4% (2024)
- Manufactures imports 58.9% (2024)
- Merchandise imports 5.24 billion current US$ (2025)
- Food exports 30.5% (2024)
- Manufactures exports 32.3% (2024)
- Merchandise exports 2.50 billion current US$ (2025)
- Merchandise exports (current US$), per capita 76.3 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1273 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -3.25 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Madagascar?
- Insurance and financial services in Madagascar was 1.4% 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 Madagascar?
- The highest recorded value was 5.8% in 1979.
- What is the lowest insurance and financial services recorded in Madagascar?
- The lowest recorded value was 0.2% in 2008.
- How does Madagascar rank for insurance and financial services?
- Madagascar ranks 190th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Madagascar?
- Over the last ten years it is up 167.4%. The long-run trend across the full record is volatile.
- Where does this Madagascar 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.