Namibia's insurance and financial services (% of service imports, BoP) was 1.85% in 2024, the latest year in the World Bank's World Development Indicators. That is down 0.88 percentage points from 2.73% in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 1.85% | 2024 |
| Five years earlier | 5.57% | 2019 |
| Ten years earlier | 2.73% | 2014 |
| Highest | 13.98% | 1997 |
| Lowest | 1.55% | 2021 |
| Average since 2015 | 3.05% | 2015–2024 |
| First recorded | 6.53% | 1990 |
What the numbers say
In 2024, Namibia's insurance and financial services (% of service imports, BoP) rose 0.23 percentage points on 2023 (from 1.62% to 1.85%).
Across the 30 yearly changes before that (1994 to 2023), the average change was −0.16 percentage points and a typical year strayed about 1.97 percentage points from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 4.02 percentage points in 1997 and the biggest yearly fall was 5.27 percentage points in 1999. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is downward, about 0.31 percentage points a year. A straight line explains 36% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Namibia had the 26th highest value of the 27 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
| Value | Year | |
|---|---|---|
| Namibia | 1.85% | 2024 |
| World | 9.53% | 2025 |
| Sub-Saharan Africa | 8.42% | 2025 |
| Lower middle income | 5.23% | 2025 |
Closest to Namibia in the 2024 ranking
- Djibouti — 23rd of 27: 2.56%
- Papua New Guinea — 24th of 27: 2.1%
- Naoero — 25th of 27: 2.03%
- Niger — 27th of 27: 1.01%
What this measures
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service imports which are services provided by non-residents to residents.
Regional and income-group figures are computed by the World Bank as a weighted average.
All 35 values
| Year | Insurance and financial services (% of service imports, BoP) |
|---|---|
| 2024 | 1.85 |
| 2023 | 1.62 |
| 2022 | 1.8 |
| 2021 | 1.55 |
| 2020 | 2.07 |
| 2019 | 5.57 |
| 2018 | 5.45 |
| 2017 | 4.13 |
| 2016 | 2.5 |
| 2015 | 3.94 |
| 2014 |
Insurance and financial services (% of service imports, BoP) in nearby economies
- Angola — 6.83% (2025)
- Benin — 2.66% (2023)
- Botswana — 0.57% (2025)
- Burkina Faso — 16.1% (2024)
- Burundi — 10.15% (2025)
- Cabo Verde — 3.51% (2025)
- Cameroon — 9.24% (2024)
- Comoros — 6.49% (2023)
- Congo, Dem. Rep. — 18.25% (2025)
More economic policy & debt data for Namibia
- Adjusted savings, education expenditure (% of GNI) — 8.92% (2021)
- Adjusted savings, net forest depletion (current US$) — US$106.2 million (2021)
- Adjusted savings, mineral depletion (current US$) — US$262.77 million (2021)
- General government final consumption expenditure (current US$) — US$3.36 billion (2025)
- General government final consumption expenditure (current LCU) — 60.11 billion (2025)
- General government final consumption expenditure (constant 2015 US$) — US$3.51 billion (2025)
- General government final consumption expenditure (constant LCU) — 45.2 billion (2025)
- General government final consumption expenditure (% of GDP) — 22.28% (2025)
Reading data like this
Questions people ask
- What is Namibia's insurance and financial services (% of service imports, BoP)?
- 1.85% in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1990?
- It is down 4.67 percentage points from 6.53% in 1990. The highest value was 13.98% in 1997 and the lowest 1.55% in 2021.
- How does Namibia rank?
- 26th highest of 27 economies with data for 2024.
- Is the latest change in insurance and financial services (% of service imports, BoP) unusual for Namibia?
- In 2024, Namibia's insurance and financial services (% of service imports, BoP) rose 0.23 percentage points on 2023 (from 1.62% to 1.85%). Across the 30 yearly changes before that (1994 to 2023), the average change was −0.16 percentage points and a typical year strayed about 1.97 percentage points from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator BM.GSR.INSF.ZS, licensed CC BY 4.0. Original source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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