Insurances - Sierra Leone

Sierra Leone

The Insurances market in Sierra Leone is projected to reach a gross written premium of US$1.02bn in 2024.
Dominating the market, Non-Life Insurances are expected to have a market volume of US$0.57bn in the same year.
The average spending per capita in the Insurances market is estimated to be US$114.10 in 2024.
When compared globally, the United States is expected to have the highest nominal value, reaching US$3,788.0bn in 2024.
The gross written premium is anticipated to have an annual growth rate of 1.52% (CAGR 2024-2029), resulting in a market volume of US$1.10bn by 2029.
In terms of gross written premium, the United States will continue to generate the highest amount, reaching US$3,788.0bn in 2024.
The insurance market in Sierra Leone is experiencing a significant growth in demand for health insurance due to increasing awareness of the importance of healthcare coverage.

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Analyst Opinion

The Insurances market in Sierra Leone has been experiencing significant growth and development in recent years. Customer preferences in Sierra Leone are shifting towards a greater demand for insurance products that provide comprehensive coverage at affordable prices, reflecting a global trend towards financial protection and risk mitigation. Trends in the market show an increasing awareness among Sierra Leoneans about the importance of insurance in safeguarding their assets and securing their financial future. This has led to a rise in the uptake of various insurance products, including health, life, and property insurance. Local special circumstances, such as the country's recovery from past political instability and the increasing focus on economic development, have created a conducive environment for the expansion of the insurance sector in Sierra Leone. As the economy continues to stabilize and grow, more individuals and businesses are seeking insurance solutions to protect their interests. Underlying macroeconomic factors, such as improving GDP growth, rising disposable incomes, and a growing middle class, are driving the growth of the insurance market in Sierra Leone. As more people are able to afford insurance products, the market is expected to continue its upward trajectory in the coming years.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.