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Sierra Leone Insurance Industry: Key Trends and Opportunities to 2017

 

Dallas, TX -- (ReleaseWire) -- 03/29/2013 -- The report "The Insurance Industry in Sierra Leone, Key Trends and Opportunities to 2017 " 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 (http://www.reportsnreports.com/reports/231569-the-insurance-industry-in-sierra-leone-key-trends-and-opportunities-to-2017.html)
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

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