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

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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.

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

Reference code: IS0254MR

Published: March 2013

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 EX ECUTIV E SUMMARY



1 Executive Summary

        The Sierra Leonean ins urance industry is underdeveloped 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 CA GR of 17.1%, primarily supported by the life insurance segment
        which grew at a CA GR 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 t o be
        more focused, coherent, and in line wit h international best practices. The growth of the count ry’s mining
        industry has driven growth of the country’s overall economy, which will boost the demand for ins urance
        products over the forecast period.

        Booming mining industry due to new discoveries of iron ore mines

        Sierra Leone’s mining industry is expected to experience rapid growt h with the discovery of new iron ore
        deposits in 2011. Up until 2010, iron ore production in Sierra Leone was minimal; however, the c ount ry is
        expected to become one of Africa's largest iron ore producing countries over the next five years. 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.

        Government initiatives to promote youth employmen
								
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