Insurance and financial services in South Africa
South Africa: Insurance and financial services was 5.7% in 2025. ▼ Falling
Insurance and financial services in South Africa, 1960–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2025, insurance and financial services in South Africa stood at 5.7%.
The figure is down 12.2% on the previous year and up 33.6% over ten years.
Over the whole period, insurance and financial services in South Africa peaked at 16.6% in 1962 and was at its lowest, 1.8%, in 2009.
South Africa ranks 108th of 197 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 66 years of available data.
Insurance and financial services in South Africa, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1960 | 16.0% | — |
| 1961 | 14.8% | -7.5% |
| 1962 | 16.6% | +12.1% |
| 1963 | 15.5% | -6.2% |
| 1964 | 14.2% | -8.8% |
| 1965 | 13.5% | -4.9% |
| 1966 | 12.2% | -9.2% |
| 1967 | 12.7% | +4.0% |
| 1968 | 12.5% | -2.1% |
| 1969 | 11.9% | -4.7% |
| 1970 | 11.0% | -7.3% |
| 1971 | 11.0% | -0.3% |
| 1972 | 11.3% | +3.2% |
| 1973 | 11.8% | +3.8% |
| 1974 | 10.8% | -7.8% |
| 1975 | 12.4% | +14.4% |
| 1976 | 14.0% | +12.6% |
| 1977 | 14.4% | +2.9% |
| 1978 | 13.7% | -4.4% |
| 1979 | 13.6% | -1.1% |
| 1980 | 12.1% | -10.6% |
| 1981 | 12.6% | +3.6% |
| 1982 | 12.2% | -2.7% |
| 1983 | 14.0% | +14.2% |
| 1984 | 13.4% | -3.9% |
| 1985 | 13.9% | +3.5% |
| 1986 | 13.4% | -3.8% |
| 1987 | 11.4% | -15.2% |
| 1988 | 9.0% | -20.8% |
| 1989 | 8.9% | -1.1% |
| 1990 | 11.4% | +27.7% |
| 1991 | 8.6% | -24.2% |
| 1992 | 8.7% | +1.2% |
| 1993 | 8.4% | -4.0% |
| 1994 | 8.9% | +6.6% |
| 1995 | 14.1% | +58.1% |
| 1996 | 9.0% | -36.3% |
| 1997 | 8.7% | -3.5% |
| 1998 | 7.5% | -13.8% |
| 1999 | 7.1% | -4.8% |
| 2000 | 6.7% | -5.9% |
| 2001 | 5.5% | -18.2% |
| 2002 | 5.6% | +1.8% |
| 2003 | 5.1% | -8.7% |
| 2004 | 5.4% | +5.4% |
| 2005 | 5.6% | +4.0% |
| 2006 | 4.6% | -18.0% |
| 2007 | 4.0% | -12.0% |
| 2008 | 3.1% | -23.2% |
| 2009 | 1.8% | -40.3% |
| 2010 | 2.5% | +34.7% |
| 2011 | 2.6% | +6.1% |
| 2012 | 3.1% | +16.2% |
| 2013 | 3.3% | +7.9% |
| 2014 | 4.0% | +21.9% |
| 2015 | 4.2% | +4.9% |
| 2016 | 4.1% | -3.6% |
| 2017 | 3.8% | -6.9% |
| 2018 | 4.0% | +5.9% |
| 2019 | 3.6% | -10.8% |
| 2020 | 5.7% | +58.3% |
| 2021 | 5.5% | -2.8% |
| 2022 | 4.6% | -17.2% |
| 2023 | 4.4% | -3.8% |
| 2024 | 6.4% | +46.5% |
| 2025 | 5.7% | -12.2% |
South Africa compared with similar countries
- South Africa's 5.7% is below the median for upper middle income countries, which is 6.3%, 90% of the median. (55 countries reporting)
- South Africa's 5.7% is below the median for Sub-Saharan Africa, which is 6.5%, 86% of the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 14.0% | 11.9% | 16.6% | 10 |
| 1970s | 12.4% | 10.8% | 14.4% | 10 |
| 1980s | 12.1% | 8.9% | 14.0% | 10 |
| 1990s | 9.2% | 7.1% | 14.1% | 10 |
| 2000s | 4.7% | 1.8% | 6.7% | 10 |
| 2010s | 3.5% | 2.5% | 4.2% | 10 |
| 2020s | 5.4% | 4.4% | 6.4% | 6 |
Countries ranked near South Africa
More private sector data for South Africa
- Merchandise trade 57.2% (2025)
- Food imports 7.2% (2025)
- Manufactures imports 62.1% (2025)
- Merchandise imports 128.08 billion current US$ (2025)
- Food exports 12.8% (2025)
- Manufactures exports 38.3% (2025)
- Merchandise exports 116.40 billion current US$ (2025)
- Merchandise exports (current US$), per capita 1,798 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2725 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 5.74 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in South Africa?
- Insurance and financial services in South Africa was 5.7% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in South Africa?
- The highest recorded value was 16.6% in 1962.
- What is the lowest insurance and financial services recorded in South Africa?
- The lowest recorded value was 1.8% in 2009.
- How does South Africa rank for insurance and financial services?
- South Africa ranks 108th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in South Africa?
- Over the last ten years it is up 33.6%. The long-run trend across the full record is falling.
- Where does this South Africa 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.