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Categories>>Insurance>>Current Report

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

Published Date : 22 March 2013 Pages : 108 Add to Cart - The Insurance Industry in Sierra Leone, Key Trends and Opportunities to 2017
     

Synopsis
The report provides in depth market analysis, information and insights into the insurance industry in Sierra Leone, including:
• The Sierra Leonean insurance industry’s 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 Leone’s 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 country’s mining industry has driven growth of the country’s 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 report’s 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 Leone’s 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 country’s 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

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 (SLL Billion), 2008–2012
 Table 46: Sierra Leonean Personal Accident and Health Insurance – Paid Claims (SLL Billion), 2012–2017
 Table 47: Sierra Leonean Personal Accident and Health Insurance – Incurred Loss (SLL Billion), 2008–2012
 Table 48: Sierra Leonean Personal Accident and Health Insurance – Incurred Loss (SLL Billion), 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 (SLL Billion), 2008–2012
 Table 56: Sierra Leonean Personal Accident and Health Insurance – Total Investment Income (SLL Billion), 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

Related Keywords : Sierra Leonean insurance industry,Life insurance,Non-life insurance,Motor insurance,Property insurance,Liability insurance ,,Marine insurance,Aviation insurance ,Personal accident insurance,Health insurance,Travel insurance,Reinsurance

Published By : Timetric

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