Insurance and financial services in Senegal
Senegal: Insurance and financial services was 6.6% in 2023. ▼ Falling
Insurance and financial services in Senegal, 1974–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Senegal recorded 6.6% for insurance and financial services in 2023.
Compared with earlier readings it is down 13.4% on the previous year and down 36.2% over ten years.
Over the whole period, insurance and financial services in Senegal peaked at 14.5% in 2001 and was at its lowest, 5.3%, in 2020.
That places Senegal 87th out of 197 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently falling across the 50 years of available data.
Insurance and financial services in Senegal, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1974 | 12.1% | — |
| 1975 | 14.2% | +17.2% |
| 1976 | 9.8% | -31.1% |
| 1977 | 10.3% | +5.1% |
| 1978 | 9.1% | -12.0% |
| 1979 | 8.2% | -10.1% |
| 1980 | 7.5% | -7.8% |
| 1981 | 7.5% | +0.4% |
| 1982 | 8.3% | +9.4% |
| 1983 | 9.1% | +9.8% |
| 1984 | 9.0% | -0.8% |
| 1985 | 8.5% | -5.4% |
| 1986 | 9.3% | +9.8% |
| 1987 | 7.9% | -15.4% |
| 1988 | 9.0% | +13.7% |
| 1989 | 10.4% | +15.5% |
| 1990 | 8.8% | -15.0% |
| 1991 | 8.1% | -7.6% |
| 1992 | 7.7% | -5.7% |
| 1993 | 7.0% | -8.7% |
| 1994 | 7.0% | -0.3% |
| 1995 | 7.0% | +0.0% |
| 1996 | 9.9% | +41.4% |
| 1997 | 9.4% | -4.5% |
| 1998 | 10.9% | +15.7% |
| 1999 | 10.0% | -8.8% |
| 2000 | 10.1% | +1.0% |
| 2001 | 14.5% | +44.3% |
| 2002 | 10.9% | -25.0% |
| 2003 | 11.1% | +2.3% |
| 2004 | 10.2% | -8.8% |
| 2005 | 10.1% | -0.2% |
| 2006 | 9.7% | -4.1% |
| 2007 | 8.6% | -11.7% |
| 2008 | 10.9% | +26.8% |
| 2009 | 11.6% | +6.1% |
| 2010 | 11.5% | -0.7% |
| 2011 | 10.6% | -8.0% |
| 2012 | 11.5% | +9.0% |
| 2013 | 10.3% | -10.4% |
| 2014 | 10.3% | +0.3% |
| 2015 | 10.0% | -3.3% |
| 2016 | 10.2% | +1.7% |
| 2017 | 9.5% | -6.3% |
| 2018 | 9.2% | -3.1% |
| 2019 | 8.4% | -9.1% |
| 2020 | 5.3% | -36.6% |
| 2021 | 6.2% | +16.0% |
| 2022 | 7.6% | +22.8% |
| 2023 | 6.6% | -13.4% |
Senegal compared with similar countries
- Senegal's 6.6% is above the median for lower middle income countries, which is 6.5%, 1.0× the median. (47 countries reporting)
- Senegal's 6.6% is above the median for Sub-Saharan Africa, which is 6.5%, 1.0× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 10.6% | 8.2% | 14.2% | 6 |
| 1980s | 8.6% | 7.5% | 10.4% | 10 |
| 1990s | 8.6% | 7.0% | 10.9% | 10 |
| 2000s | 10.8% | 8.6% | 14.5% | 10 |
| 2010s | 10.1% | 8.4% | 11.5% | 10 |
| 2020s | 6.4% | 5.3% | 7.6% | 4 |
Countries ranked near Senegal
More private sector data for Senegal
- Merchandise trade 60.0% (2025)
- Food imports 19.0% (2024)
- Manufactures imports 46.4% (2024)
- Merchandise imports 11.95 billion current US$ (2025)
- Food exports 21.6% (2024)
- Manufactures exports 22.3% (2024)
- Merchandise exports 10.24 billion current US$ (2025)
- Merchandise exports (current US$), per capita 541.04 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2768 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 62.33 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Senegal?
- Insurance and financial services in Senegal was 6.6% 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 Senegal?
- The highest recorded value was 14.5% in 2001.
- What is the lowest insurance and financial services recorded in Senegal?
- The lowest recorded value was 5.3% in 2020.
- How does Senegal rank for insurance and financial services?
- Senegal ranks 87th out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Senegal?
- Over the last ten years it is down 36.2%. The long-run trend across the full record is falling.
- Where does this Senegal 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
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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.