The insurance and financial services exports in Sub-Saharan Africa have shown a notable increase from 2013 to 2023, standing at 14.84 in 2023. While there were fluctuations, the trend has been predominantly upward, with significant growth observed in years like 2015 and 2020. Over the past two years, the year-on-year growth was 4.06% and 7.23% respectively. Remarkably, the Compound Annual Growth Rate (CAGR) over the last five years stands at 9.91%, reflecting a strong upward trend.
Looking ahead, future trends to watch include:
- Expected continued growth with a forecast five-year CAGR of 4.54% from 2024 to 2028.
- Potential market disruptions or adjustments due to regional economic, political, or regulatory changes.
- Advancements and digital transformations within the financial sector which could further bolster export growth.
