Insurance and financial services in Namibia
Namibia: Insurance and financial services was 1.9% in 2024. ▼ Falling
Insurance and financial services in Namibia, 1990–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Namibia recorded 1.9% for insurance and financial services in 2024.
The figure is up 13.7% on the previous year and down 37.1% over ten years.
Over the whole period, insurance and financial services in Namibia peaked at 14.3% in 1997 and was at its lowest, 1.6%, in 2021.
Namibia ranks 180th of 197 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 35 years of available data.
Insurance and financial services in Namibia, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1990 | 6.8% | — |
| 1991 | 6.0% | -10.9% |
| 1992 | 6.8% | +12.6% |
| 1993 | 6.8% | -0.3% |
| 1994 | 7.8% | +14.9% |
| 1995 | 9.5% | +21.9% |
| 1996 | 10.2% | +7.4% |
| 1997 | 14.3% | +40.5% |
| 1998 | 12.3% | -13.8% |
| 1999 | 7.1% | -42.5% |
| 2000 | 6.5% | -8.4% |
| 2001 | 6.1% | -6.5% |
| 2002 | 5.9% | -3.1% |
| 2003 | 8.5% | +44.5% |
| 2004 | 5.1% | -40.6% |
| 2005 | 5.3% | +4.1% |
| 2006 | 5.4% | +1.9% |
| 2007 | 6.1% | +13.6% |
| 2008 | 3.2% | -47.6% |
| 2009 | 6.7% | +108.8% |
| 2010 | 7.3% | +9.9% |
| 2011 | 7.2% | -1.3% |
| 2012 | 5.0% | -30.5% |
| 2013 | 3.6% | -27.4% |
| 2014 | 3.0% | -18.0% |
| 2015 | 4.3% | +43.2% |
| 2016 | 2.8% | -35.1% |
| 2017 | 4.5% | +60.3% |
| 2018 | 5.9% | +32.6% |
| 2019 | 6.0% | +1.9% |
| 2020 | 2.2% | -63.1% |
| 2021 | 1.6% | -26.3% |
| 2022 | 1.9% | +13.7% |
| 2023 | 1.7% | -11.3% |
| 2024 | 1.9% | +13.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 8.8% | 6.0% | 14.3% | 10 |
| 2000s | 5.9% | 3.2% | 8.5% | 10 |
| 2010s | 5.0% | 2.8% | 7.3% | 10 |
| 2020s | 1.9% | 1.6% | 2.2% | 5 |
Countries ranked near Namibia
More private sector data for Namibia
- Merchandise trade 102.4% (2025)
- Food imports 13.2% (2024)
- Manufactures imports 60.4% (2024)
- Merchandise imports 8.43 billion current US$ (2025)
- Food exports 28.0% (2024)
- Manufactures exports 18.4% (2024)
- Merchandise exports 7.02 billion current US$ (2025)
- Merchandise exports (current US$), per capita 2,271 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.4658 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 7.33 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Namibia?
- Insurance and financial services in Namibia was 1.9% 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 Namibia?
- The highest recorded value was 14.3% in 1997.
- What is the lowest insurance and financial services recorded in Namibia?
- The lowest recorded value was 1.6% in 2021.
- How does Namibia rank for insurance and financial services?
- Namibia ranks 180th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Namibia?
- Over the last ten years it is down 37.1%. The long-run trend across the full record is falling.
- Where does this Namibia 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.