Country Dashboards

8 mn
US$4 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 2 mn
Non-life premium volume (USD) 8 mn
Total premium volume 10 mn
Total premium volume (SLL) 38 bn
Insurance penetration: Premiums in % of GDP 0.37%
Insurance density: Premium / capita USD 1.49
Local currency SLL
Market Composition
Domestic life insurers 1
Domestic non-life insurers 3
Domestic composite insurers 7
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 2
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 0
Reinsurance intermediaries 0
Insurance Regulatory Authority
3a During Drive, Off Carol Drive, Off Regent Road, Hill Station, Freetown

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement SLL 240mn - SLL 2.4bn
Minimum paid-up share capital 0
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, WC
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: