Insurance and financial services (% of commercial service imports) in Sub-Saharan Africa
Sub-Saharan Africa: Insurance and financial services (% of commercial service imports) was 7.3% in 2025. ▼ Falling
Insurance and financial services in Sub-Saharan Africa, 1977–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Sub-Saharan Africa recorded 7.3% for insurance and financial services in 2025.
That represents a change of down 5.1% on the previous year and up 32.3% 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 30th out of 47 groups with data for 2025, putting it in the middle of the range.
The long-run direction has been consistently falling across the 49 years of available data.
Insurance and financial services (% of commercial service imports) 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 | 6.1% | +4.5% |
| 2024 | 7.6% | +25.0% |
| 2025 | 7.3% | -5.1% |
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 | 6.7% | 5.9% | 7.6% | 6 |
Countries ranked near Sub-Saharan Africa
More private sector data for Sub-Saharan Africa
- Merchandise trade 44.5% (2025)
- Food imports 12.3% (2024)
- Manufactures imports 56.9% (2024)
- Merchandise imports 501.15 billion current US$ (2025)
- Commercial service imports 147.11 billion current US$ (2025)
- Food exports 14.6% (2025)
- Manufactures exports 19.5% (2025)
- Merchandise exports 486.80 billion current US$ (2025)
- Commercial service exports 88.65 billion current US$ (2025)
- Merchandise exports (current US$), per capita 368.33 current US$ per person (2025)
Frequently asked questions
- What is insurance and financial services in Sub-Saharan Africa?
- Insurance and financial services in Sub-Saharan Africa was 7.3% 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 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 30th out of 47 groups with data for 2025.
- Is insurance and financial services rising or falling in Sub-Saharan Africa?
- Over the last ten years it is up 32.3%. 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.