Insurance and financial services in Sub-Saharan Africa
Sub-Saharan Africa: Insurance and financial services was 7.8% in 2024. ▼ Falling
Insurance and financial services in Sub-Saharan Africa, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Sub-Saharan Africa recorded 7.8% for insurance and financial services in 2024.
That represents a change of up 25.3% on the previous year and up 45.1% over ten years.
Over the whole period, insurance and financial services in Sub-Saharan Africa peaked at 8.6% in 1977 and was at its lowest, 4.4%, in 2009.
That places Sub-Saharan Africa 25th out of 47 groups with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 48 years of available data.
Insurance and financial services in Sub-Saharan Africa, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 8.6% | — |
| 1978 | 8.3% | -4.0% |
| 1979 | 8.0% | -3.8% |
| 1980 | 7.7% | -3.0% |
| 1981 | 7.9% | +2.3% |
| 1982 | 7.8% | -1.8% |
| 1983 | 8.3% | +7.1% |
| 1984 | 8.2% | -1.1% |
| 1985 | 8.1% | -1.5% |
| 1986 | 7.8% | -3.6% |
| 1987 | 7.2% | -7.6% |
| 1988 | 6.6% | -8.5% |
| 1989 | 6.4% | -2.2% |
| 1990 | 7.0% | +9.2% |
| 1991 | 5.9% | -15.9% |
| 1992 | 6.3% | +7.2% |
| 1993 | 5.9% | -6.2% |
| 1994 | 6.2% | +4.4% |
| 1995 | 8.0% | +28.5% |
| 1996 | 6.1% | -23.9% |
| 1997 | 6.2% | +1.4% |
| 1998 | 5.7% | -6.6% |
| 1999 | 5.4% | -6.5% |
| 2000 | 5.2% | -3.7% |
| 2001 | 5.4% | +3.9% |
| 2002 | 5.2% | -3.8% |
| 2003 | 6.3% | +21.2% |
| 2004 | 6.3% | +0.2% |
| 2005 | 5.5% | -11.8% |
| 2006 | 5.5% | -1.2% |
| 2007 | 4.8% | -12.7% |
| 2008 | 5.1% | +7.6% |
| 2009 | 4.4% | -15.0% |
| 2010 | 4.7% | +8.1% |
| 2011 | 4.9% | +2.9% |
| 2012 | 5.1% | +5.7% |
| 2013 | 5.1% | -1.6% |
| 2014 | 5.4% | +6.5% |
| 2015 | 5.5% | +1.7% |
| 2016 | 5.7% | +4.0% |
| 2017 | 6.3% | +10.0% |
| 2018 | 5.6% | -10.0% |
| 2019 | 5.6% | -1.5% |
| 2020 | 6.6% | +19.2% |
| 2021 | 6.5% | -1.5% |
| 2022 | 5.9% | -10.3% |
| 2023 | 6.2% | +6.6% |
| 2024 | 7.8% | +25.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 8.3% | 8.0% | 8.6% | 3 |
| 1980s | 7.6% | 6.4% | 8.3% | 10 |
| 1990s | 6.3% | 5.4% | 8.0% | 10 |
| 2000s | 5.4% | 4.4% | 6.3% | 10 |
| 2010s | 5.4% | 4.7% | 6.3% | 10 |
| 2020s | 6.6% | 5.9% | 7.8% | 5 |
Countries ranked near Sub-Saharan Africa
- 22 El Salvador 14.3% compare
- 23 Kenya 14.3% compare
- 24 Ecuador 14.2% compare
- 25 Iran, Islamic Republic of 13.5% compare
- 26 Saint Vincent and the Grenadines 13.5% compare
- 27 Ethiopia 13.3% compare
- 28 Dominica 13.0% compare
More private sector data for Sub-Saharan Africa
- Merchandise trade 44.5% (2025)
- Food imports 12.1% (2024)
- Manufactures imports 56.8% (2024)
- Merchandise imports 501.15 billion current US$ (2025)
- Food exports 14.7% (2024)
- Manufactures exports 19.4% (2024)
- Merchandise exports 486.80 billion current US$ (2025)
- Merchandise exports (current US$), per capita 368.33 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2201 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 11.24 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Sub-Saharan Africa?
- Insurance and financial services in Sub-Saharan Africa was 7.8% 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 Sub-Saharan Africa?
- The highest recorded value was 8.6% in 1977.
- What is the lowest insurance and financial services recorded in Sub-Saharan Africa?
- The lowest recorded value was 4.4% in 2009.
- How does Sub-Saharan Africa rank for insurance and financial services?
- Sub-Saharan Africa ranks 25th out of 47 groups with data for 2024.
- Is insurance and financial services rising or falling in Sub-Saharan Africa?
- Over the last ten years it is up 45.1%. The long-run trend across the full record is falling.
- Where does this Sub-Saharan 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.