Insurance and financial services in Zambia
Zambia: Insurance and financial services was 7.9% in 2024. ◆ Volatile
Insurance and financial services in Zambia, 1978–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Zambia recorded 7.9% for insurance and financial services in 2024.
The figure is down 31.5% on the previous year and down 14.4% over ten years.
Over the whole period, insurance and financial services in Zambia peaked at 11.5% in 2023 and was at its lowest, -0.0%, in 1997.
That places Zambia 76th out of 197 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Zambia, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1978 | 4.7% | — |
| 1979 | 4.3% | -8.6% |
| 1980 | 4.1% | -3.1% |
| 1981 | 3.5% | -15.0% |
| 1982 | 4.2% | +20.2% |
| 1983 | 4.3% | +1.4% |
| 1984 | 4.6% | +8.4% |
| 1985 | 5.5% | +18.7% |
| 1986 | 6.0% | +9.6% |
| 1987 | 5.4% | -11.2% |
| 1988 | 5.7% | +6.2% |
| 1989 | 4.9% | -13.3% |
| 1990 | 5.3% | +7.0% |
| 1991 | 3.5% | -33.7% |
| 1997 | -0.0% | -101.0% |
| 1998 | 0.1% | -404.0% |
| 1999 | 0.3% | +180.2% |
| 2000 | 6.1% | +1931.2% |
| 2001 | 7.2% | +16.6% |
| 2002 | 6.7% | -5.9% |
| 2003 | 7.2% | +7.5% |
| 2004 | 8.4% | +15.3% |
| 2005 | 3.9% | -53.8% |
| 2006 | 3.7% | -3.4% |
| 2007 | 3.0% | -18.8% |
| 2008 | 3.8% | +24.2% |
| 2009 | 3.7% | -1.3% |
| 2010 | 3.8% | +1.8% |
| 2011 | 9.4% | +148.2% |
| 2012 | 11.2% | +19.5% |
| 2013 | 7.7% | -31.2% |
| 2014 | 9.2% | +19.6% |
| 2015 | 11.1% | +20.3% |
| 2016 | 10.8% | -2.9% |
| 2017 | 11.4% | +5.6% |
| 2018 | 8.9% | -21.8% |
| 2019 | 9.5% | +6.5% |
| 2020 | 6.9% | -27.3% |
| 2021 | 2.4% | -64.6% |
| 2022 | 10.7% | +339.9% |
| 2023 | 11.5% | +7.4% |
| 2024 | 7.9% | -31.5% |
Zambia compared with similar countries
- Zambia's 7.9% is above the median for lower middle income countries, which is 6.5%, 1.2× the median. (47 countries reporting)
- Zambia's 7.9% is above the median for Sub-Saharan Africa, which is 6.5%, 1.2× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Zambia changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2000 | +1931.2% | 0.3% | 6.1% |
| 1998 | +404.0% | -0.0% | 0.1% |
| 2022 | +339.9% | 2.4% | 10.7% |
| 1999 | +180.2% | 0.1% | 0.3% |
| 2011 | +148.2% | 3.8% | 9.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.5% | 4.3% | 4.7% | 2 |
| 1980s | 4.8% | 3.5% | 6.0% | 10 |
| 1990s | 1.8% | -0.0% | 5.3% | 5 |
| 2000s | 5.4% | 3.0% | 8.4% | 10 |
| 2010s | 9.3% | 3.8% | 11.4% | 10 |
| 2020s | 7.9% | 2.4% | 11.5% | 5 |
Countries ranked near Zambia
More private sector data for Zambia
- Merchandise trade 91.7% (2025)
- Food imports 7.8% (2024)
- Manufactures imports 64.4% (2024)
- Merchandise imports 13.17 billion current US$ (2025)
- Food exports 8.7% (2024)
- Manufactures exports 14.1% (2024)
- Merchandise exports 13.31 billion current US$ (2025)
- Merchandise exports (current US$), per capita 607.56 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.461 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 18.07 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Zambia?
- Insurance and financial services in Zambia was 7.9% 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 Zambia?
- The highest recorded value was 11.5% in 2023.
- What is the lowest insurance and financial services recorded in Zambia?
- The lowest recorded value was -0.0% in 1997.
- How does Zambia rank for insurance and financial services?
- Zambia ranks 76th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Zambia?
- Over the last ten years it is down 14.4%. The long-run trend across the full record is volatile.
- Where does this Zambia 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.