ResearchMoz

The Insurance Industry in Sierra Leone, Key Trends and Opportunities to 2017

Timetric
Published Date » 2013-03-26
No. Of Pages » 108
Synopsis

  • The report provides in depth market analysis, information and insights into the insurance industry in Sierra Leone, including:
  • The Sierra Leonean insurance industrys growth prospects by insurance segments and categories 
  • The competitive landscape in the Sierra Leonean insurance industry
  • The current trends and drivers of the Sierra Leone insurance industry
  • The challenges facing the Sierra Leone insurance industry
  • The regulatory framework of the Sierra Leone insurance industry
Summary

The Sierra Leonean insurance industry is under developed and inadequately supervised. There are eight insurance companies and six brokers operating in the country. During the review period, Sierra Leones insurance industry increased at a CAGR of 17.1%, primarily supported by the life insurance segment which grew at a CAGR of 49.5%. 

The industry is facing a number of challenges such as a low penetration rate and rising unemployment, but the major concern is a weak regulatory framework which needs to be more focused, coherent, and in line with international best practice. The growth of the countrys mining industry has driven growth of the countrys overall economy, which will boost the demand for insurance products over the forecast period.

Scope

  • This report provides a comprehensive analysis of the insurance industry in Sierra Leone:
  • It provides historical values for the Sierra Leonean insurance industry for the reports 2008-2012 review period and forecast figures for the 2012-2017 forecast period 
  • It offers a detailed analysis of the key segments and categories in the Sierra Leonean insurance industry, along with industry forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions 
  • It profiles the top insurance companies in Sierra Leone and outlines the key regulations affecting them
Reasons To Buy

  • Make strategic business decisions using in depth historic and forecast industry data related to the Sierra Leonean insurance industry and each segment within it
  • Assess the competitive dynamics in the Sierra Leonean insurance industry
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Sierra Leonean insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Sierra Leonean insurance industry and its impact on companies and the industry's future
Key Highlights

  • The Sierra Leonean insurance industry is under developed and inadequately supervised
  • The industry is facing a number of challenges such as a low penetration rate and rising unemployment, but the major concern is a weak regulatory framework which needs to be more focused, coherent, and in line with international best practice
  • Sierra Leones mining industry is expected to experience rapid growth with the discovery of new iron ore deposits in 2011
  • The growing mining industry will require a large labor force, which is expected to lead to increased demand for employer liability insurance over the forecast period
  • Over the forecast period, the countrys high rate of inflation is expected to discourage the Sierra Leonean population from purchasing insurance cover
  • Several training programs aiming to develop the skills and knowledge of insurance professionals have been conducted in Sierra Leone during the review period
Table of Content

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Sierra Leonean Insurance Industry Overview
3.1 Sierra Leonean Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Life Insurance Growth Prospects by Category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.4 Reinsurance Industry Size by Insurance Segment, 2008-2017

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Aureol Insurance - Company Overview
5.2.2 National Insurance Company (NIC) - Company Overview
5.2.3 Reliance Insurance Trust Corporation (RITCORP) - Company Overview
5.2.4 International Insurance Company Limited (IICL)

6 Macroeconomic Indicators
6.1 GDP at constant prices (US$)
6.2 GDP per Capita at Constant Prices (US$)
6.3 GDP at current prices (US$)
6.4 Construction output at current prices (US$ million)
6.5 Arable land
6.6 Exports as a percentage of GDP
6.7 Number of air passengers
6.8 Healthcare expenditure per capita
6.9 Employed population
6.1 Inflation Rate
6.11 Total population

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables


Table 1: Insurance Industry Definitions
Table 2: Sierra Leonean Insurance Overall Written Premium by Segment (SLL Billion), 2008-2012
Table 3: Sierra Leonean Insurance Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Sierra Leonean Insurance Overall Written Premium by Segment (SLL Billion), 2012-2017
Table 5: Sierra Leonean Insurance Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Sierra Leonean Insurance Segmentation (% Share), 2008-2017
Table 7: Sierra Leonean Life Insurance - Paid Claims (SLL Billion), 2008-2012
Table 8: Sierra Leonean Life Insurance - Paid Claims (SLL Billion), 2012-2017
Table 9: Sierra Leonean Life Insurance - Incurred Loss (SLL Billion), 2008-2012
Table 10: Sierra Leonean Life Insurance - Incurred Loss (SLL Billion), 2012-2017
Table 11: Sierra Leonean Life Insurance - Loss Ratio (%), 2008-2012
Table 12: Sierra Leonean Life Insurance - Loss Ratio (%), 2012-2017
Table 13: Sierra Leonean Life Insurance - Combined Ratio (%), 2008-2012
Table 14: Sierra Leonean Life Insurance - Combined Ratio (%), 2012-2017
Table 15: Sierra Leonean Life Insurance - Total Assets (SLL Billion), 2008-2012
Table 16: Sierra Leonean Life Insurance - Total Assets (SLL Billion), 2012-2017
Table 17: Sierra Leonean Life Insurance - Total Investment Income (SLL Billion), 2008-2012
Table 18: Sierra Leonean Life Insurance - Total Investment Income (SLL Billion), 2012-2017
Table 19: Sierra Leonean Life Insurance - Retentions (SLL Billion), 2008-2012
Table 20: Sierra Leonean Life Insurance - Retentions (SLL Billion), 2012-2017
Table 21: Sierra Leonean Non-Life Insurance Written Premium by Category (SLL Billion), 2008-2012
Table 22: Sierra Leonean Non-Life Insurance Written Premium by Category (US$ Million), 2008-2012
Table 23: Sierra Leonean Non-Life Insurance Written Premium by Category (SLL Billion), 2012-2017
Table 24: Sierra Leonean Non-Life Insurance Written Premium by Category (US$ Million), 2012-2017
Table 25: Sierra Leonean Non-Life Insurance - Paid Claims (SLL Billion), 2008-2012
Table 26: Sierra Leonean Non-Life Insurance Segment - Paid Claims (SLL Billion), 2012-2017
Table 27: Sierra Leonean Non-Life Insurance - Incurred Loss (SLL Billion), 2008-2012
Table 28: Sierra Leonean Non-Life Insurance - Incurred Loss (SLL Billion), 2012-2017
Table 29: Sierra Leonean Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 30: Sierra Leonean Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 31: Sierra Leonean Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 32: Sierra Leonean Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 33: Sierra Leonean Non-Life Insurance - Total Assets (SLL Billion), 2008-2012
Table 34: Sierra Leonean Non-Life Insurance - Total Assets (SLL Billion), 2012-2017
Table 35: Sierra Leonean Non-Life Insurance - Retentions (SLL Billion), 2008-2012
Table 36: Sierra Leonean Non-Life Insurance - Retentions (SLL Billion), 2012-2017
Table 37: Sierra Leonean Property Insurance Category - Written Premium (SLL Billion), 2008-2012
Table 38: Sierra Leonean Property Insurance Category - Written Premium (SLL Billion), 2012-2017
Table 39: Sierra Leonean Motor Insurance Category - Written Premium (SLL Billion), 2008-2012
Table 40: Sierra Leonean Motor Insurance Category - Written Premium (SLL Billion), 2012-2017
Table 41: Sierra Leonean Liability Insurance Category - Written Premium (SLL Billion), 2008-2012
Table 42: Sierra Leonean Liability Insurance Category - Written Premium (SLL Billion), 2012-2017
Table 43: Sierra Leonean Marine, Aviation and Transit Insurance Category - Written Premium (SLL Billion), 2008-2012
Table 44: Sierra Leonean Marine, Aviation and Transit Insurance Category - Written Premium (SLL Billion), 2012-2017
Table 45: Sierra Leonean Personal Accident and Health Insurance - Paid Claims (SLLBillion), 2008-2012
Table 46: Sierra Leonean Personal Accident and Health Insurance - Paid Claims (SLLBillion), 2012-2017
Table 47: Sierra Leonean Personal Accident and Health Insurance - Incurred Loss (SLLBillion), 2008-2012
Table 48: Sierra Leonean Personal Accident and Health Insurance - Incurred Loss (SLLBillion), 2012-2017
Table 49: Sierra Leonean Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 50: Sierra Leonean Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 51: Sierra Leonean Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 52: Sierra Leonean Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 53: Sierra Leonean Personal Accident and Health Insurance - Total Assets (SLL Billion), 2008-2012
Table 54: Sierra Leonean Personal Accident and Health Insurance - Total Assets (SLL Billion), 2012-2017
Table 55: Sierra Leonean Personal Accident and Health Insurance - Total Investment Income (SLLBillion), 2008-2012
Table 56: Sierra Leonean Personal Accident and Health Insurance - Total Investment Income (SLLBillion), 2012-2017
Table 57: Sierra Leonean Personal Accident and Health Insurance - Retentions (SLL Billion), 2008-2012
Table 58: Sierra Leonean Personal Accident and Health Insurance - Retentions (SLL Billion), 2012-2017
Table 59: Sierra Leonean Reinsurance Ceded by Insurance Segment (SLL Billion), 2008-2012
Table 60: Sierra Leonean Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 61: Sierra Leonean Reinsurance Ceded by Insurance Segment (SLL Billion), 2012-2017
Table 62: Sierra Leonean Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 63: Sierra Leonean Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 64: Sierra Leonean Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 65: Sierra Leonean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 66: Sierra Leonean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 67: Sierra Leonean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 68: Sierra Leonean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 69: Insurance Companies in the Sierra Leonean Insurance Industry, 2011
Table 70: Aureol, Main Products
Table 71: Aureol, Key Employees
Table 72: National Insurance, Main Products
Table 73: RITCORP, Main Products
Table 74: International Insurance Company, Main Products
Table 75: International Insurance Company, Key Employees

List of Figures


Figure 1: Sierra Leonean Insurance Overall Written Premium by Segment (SLL Million), 2008-2017
Figure 2: Sierra Leonean Insurance Industry Dynamics by Segment, 2008-2017
Figure 3: Sierra Leonean Life Insurance - Paid Claims (SLL Billion), 2008-2012
Figure 4: Sierra Leonean Life Insurance - Paid Claims (SLL Billion), 2012-2017
Figure 5: Sierra Leonean Life Insurance - Incurred Loss (SLL Billion), 2008-2012
Figure 6: Sierra Leonean Life Insurance - Incurred Loss (SLL Billion), 2012-2017
Figure 7: Sierra Leonean Life Insurance - Loss Ratio (%), 2008-2012
Figure 8: Sierra Leonean Life Insurance - Loss Ratio (%), 2012-2017
Figure 9: Sierra Leonean Life Insurance - Combined Ratio (%), 2008-2012
Figure 10: Sierra Leonean Life Insurance - Combined Ratio (%), 2012-2017
Figure 11: Sierra Leonean Life Insurance - Total Assets (SLL Billion), 2008-2012
Figure 12: Sierra Leonean Life Insurance - Total Assets (SLL Billion), 2012-2017
Figure 13: Sierra Leonean Life Insurance - Total Investment Income (SLL Billion), 2008-2012
Figure 14: Sierra Leonean Life Insurance - Total Investment Income (SLL Billion), 2012-2017
Figure 15: Sierra Leonean Life Insurance - Retentions (SLL Billion), 2008-2012
Figure 16: Sierra Leonean Life Insurance - Retentions (SLL Billion), 2012-2017
Figure 17: Sierra Leonean Life Insurance - Investment (SLL Billion), 2008-2012
Figure 18: Sierra Leonean Life Insurance Penetration (% of GDP), 2008-2012
Figure 19: Sierra Leonean Life Insurance - Premium per Capita (SLL), 2008-2012
Figure 20: Sierra Leonean Non-Life Insurance Written Premium by Category (SLL Billion), 2008-2017
Figure 21: Sierra Leonean Non-Life Insurance Written Premium by Category (% Share), 2012 and 2017
Figure 22: Sierra Leonean Non-Life Insurance Segment Dynamics by Category, 2008-2017
Figure 23: Sierra Leonean Non-Life Insurance - Paid Claims (SLL Billion), 2008-2012
Figure 24: Sierra Leonean Non-Life Insurance - Paid Claims (SLL Billion), 2012-2017
Figure 25: Sierra Leonean Non-Life Insurance - Incurred Loss (SLL Billion), 2008-2012
Figure 26: Sierra Leonean Non-Life Insurance - Incurred Loss (SLL Billion), 2012-2017
Figure 27: Sierra Leonean Non-Life Insurance - Loss Ratio (%), 2008-2012
Figure 28: Sierra Leonean Non-Life Insurance - Loss Ratio (%), 2012-2017
Figure 29: Sierra Leonean Non-Life Insurance - Combined Ratio (%), 2008-2012
Figure 30: Sierra Leonean Non-Life Insurance - Combined Ratio (%), 2012-2017
Figure 31: Sierra Leonean Non-Life Insurance - Total Assets (SLL Billion), 2008-2012
Figure 32: Sierra Leonean Non-Life Insurance - Total Assets (SLL Billion), 2012-2017
Figure 33: Sierra Leonean Non-Life Insurance - Retentions (SLL Billion), 2008-2012
Figure 34: Sierra Leonean Non-Life Insurance - Retentions (US$ Million), 2012-2017
Figure 35: Sierra Leonean Non-Life Insurance - Investment (SLL Billion), 2008-2012
Figure 36: Sierra Leonean Non-Life Insurance Penetration (% of GDP), 2008-2012
Figure 37: Sierra Leonean Non-Life Insurance - Premium per Capita (SLL), 2008-2012
Figure 38: Sierra Leonean Property Insurance Category - Written Premium (SLL Billion), 2008-2012
Figure 39: Sierra Leonean Property Insurance Category - Written Premium (SLL Billion), 2012-2017
Figure 40: Sierra Leonean Motor Insurance Category - Written Premium (SLL Billion), 2008-2012
Figure 41: Sierra Leonean Motor Insurance Category - Written Premium (SLL Billion), 2012-2017
Figure 42: Sierra Leonean Liability Insurance Category - Written Premium (SLL Billion), 2008-2012
Figure 43: Sierra Leonean Liability Insurance Category - Written Premium (SLL Billion), 2012-2017
Figure 44: Sierra Leonean Marine, Aviation and Transit Insurance Category - Written Premium (SLL Billion), 2008-2012
Figure 45: Sierra Leonean Marine, Aviation and Transit Insurance Category - Written Premium (SLL Billion), 2012-2017
Figure 46: Sierra Leonean Personal Accident and Health Insurance - Paid Claims (SLL Billion), 2008-2012
Figure 47: Sierra Leonean Personal Accident and Health Insurance - Paid Claims (SLL Billion), 2012-2017
Figure 48: Sierra Leonean Personal Accident and Health Insurance - Incurred Loss (SLL Billion), 2008-2012
Figure 49: Sierra Leonean Personal Accident and Health Insurance - Incurred Loss (SLL Billion), 2012-2017
Figure 50: Sierra Leonean Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 51: Sierra Leonean Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 52: Sierra Leonean Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 53: Sierra Leonean Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 54: Sierra Leonean Personal Accident and Health Insurance - Total Assets (SLL Billion), 2008-2012
Figure 55: Sierra Leonean Personal Accident and Health Insurance - Total Assets (SLL Billion), 2012-2017
Figure 56: Sierra Leonean Personal Accident and Health Insurance - Total Investment Income (SLL Billion), 2008-2012
Figure 57: Sierra Leonean Personal Accident and Health Insurance - Total Investment Income (SLL Billion), 2012-2017
Figure 58: Sierra Leonean Personal Accident and Health Insurance - Retentions (SLL Billion), 2008-2012
Figure 59: Sierra Leonean Personal Accident and Health Insurance - Retentions (US$ Million), 2012-2017
Figure 60: Sierra Leonean Personal Accident and Health Insurance - Investment (SLL Billion), 2008-2012
Figure 61: Sierra Leonean Personal Accident and Health Insurance Penetration (% of GDP), 2008-2012
Figure 62: Sierra Leonean Personal Accident and Health Insurance - Premium per Capita (SLL), 2008-2012
Figure 63: Sierra Leonean Reinsurance Ceded by Insurance Segment (SLL Billion), 2008-2017
Figure 64: Sierra Leonean Reinsurance Industry Dynamics by Insurance Segment, 2008-2017
Figure 65: Sierra Leonean Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 66: Sierra Leonean Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 67: Sierra Leonean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 68: Sierra Leonean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 69: Sierra Leonean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 70: Sierra Leonean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 71: Sierra Leonean GDP at Constant Prices (US$ Billion), 2007-2011
Figure 72: Sierra Leonean GDP per Capita at Constant Prices (US$), 2007-2011
Figure 73: Sierra Leonean GDP at Current Prices (US$ Billion), 2007-2011
Figure 74: Sierra Leonean Construction Net Output at Current Prices (US$ Million), 2007-2011
Figure 75: Sierra Leonean Arable Land ( 000 hectares), 2007-2011
Figure 76: Sierra Leonean Exports (% of GDP), 2007-2011
Figure 77: Sierra Leone Number of Air Passengers (Million), 2007-2011
Figure 78: Sierra Leonean Healthcare Expenditure per Capita (US$), 2007-2011
Figure 79: Sierra Leonean Employed Population (Million), 2007-2011
Figure 80: Inflation Rate (%), 2007-2011
Figure 81: Sierra Leone Total Population (Million), 2007-2011

Upcoming Reports:

Needle Free Delivery Devices Market - Global Industry Size, Share, Trends, Analysis And Forecasts 2012 - 2018
By - Transparency Market Research
Worldwide market for needle free delivery devices is forecasted to grow and reach the value of $5.9 billion by the year 2022 driven by the factors like developments in technology and emergence of new products such as micro needle patches and novel jet injectors. This market is expected to benefit from increasing efficiency of manufacturing processes, and the growth of emerging economies. Developed economies like the U.S. as well as Japan are also expected to witness double digit growth in the sales of needle free delivery devices market.  Needle free delivery...
Adenovirus Diagnostic Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
By - Transparency Market Research
Adenoviruses are major causes of febrile illness among children. They can infect the membranes of respiratory tract, intestines, eyes and urinary tract causing pharyngitis, pneumonia and gastroenteritis, bronchiolitis, hemorrhagic cystitis and conjunctivitis. There are 57 types of adenoviruses known to infect human beings, classified into seven categories from A to G on the basis of genome size and composition.  Human Adenovirus A, B and C cause respiratory infection while HAdV B & D cause conjunctivitis. Children are more susceptible to adenovirus infections than adults and...
Electrodes for Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
By - Transparency Market Research
The electrodes used in medical devices transfer the ionic current energy into electrical current in the body. These currents can be amplified and have proved to be helpful in diagnosing various diseases. Medical electrodes comprises of a lead, metal and electrode conducting paste. Medical electrodes proceed with quantification of internal ionic currents and results in diagnosis of various ocular, nervous, cardiac and muscular disorders. The device works through provision of an electrical contact between apparatus used to monitor activities and patient.   The electrodes...

Research Assistance

We will be happy to help you find what you need.
Please call us or write us:

866-997-4948 (Us-Canada Toll Free)
Tel: +1-518-618-1030
Email: sales@researchmoz.us
Select License type:

Share this report

Related News

Top End Stereo Systems Maker Harman Targets Chinese Auto Market
Apr 22, 2014  
Harman, the U.S.-based audio company that is best known as the provider of automobile stereos for top-end car models such as Mercedes-Benz, BMW and Ferrari, has said that it has signed agreements with two leading Chinese automakers—Chang’An and Geely. The company, that is associated with premium infotainment systems for leading auto makers, said that these new contracts...
Scientists Identify Cure for Dengue
Apr 18, 2014  
In a breakthrough discovery that can change the way dengue is treated, scientists have identified a drug target for the deadly dengue viruses. This discovery may help pave the way for discovery of vaccines that can cure this condition that affects nearly 390 million people throughout the world each year.  Scientists have used a new technique for this discovery to show that a region...
India is Facing a Cancer Crisis
Apr 15, 2014  
India is currently facing a cancer crisis – reports a recent research carried out at the King’s college London, in collaboration with the Tata Memorial Cancer Centre, Mumbai.  The reasons estimated for this crisis comprise of increasing rates of smoking, unequal access to proper treatment and belated diagnosis.  Every year, India witnesses around one...
Microparticle Tags to Check Counterfeit Goods Invented
Apr 14, 2014  
Researchers from the Massachusetts Institute of Technology have invented a new set of microparticles that can easily be read by smartphones and establish the authenticity of currency, electronic items and luxury goods.  This strategy is among those countless measures taken by big brands and companies to label their legitimate products in order to stop illegal copies of the...
USFDA Approves Lupins Generic Diabetic Drug
Apr 10, 2014  
The United States Food and Drugs Administration (USFDA) has finally approved Lupin Pharmaceuticals Inc (LPI), the American subsidiary of Indian drug manufacturers Lupin Ltd, to sell Pioglitazone Tablets in the U.S market. The approval has been granted first for fiscal 2015.  Pioglitazone is a generic medicine used for managing diabetes and is a version of Actos tablets...