The Insurance Industry in Liberia, Key Trends and Opportunities to 2017

  • ID: 2564521
  • Report
  • Region: Liberia
  • 110 Pages
  • GlobalData
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Liberia has a small insurance industry, encompassing a population of around 4 million. Given its size, the insurance industry is highly competitive and fragmented. Despite a decade of peace and economic growth, it is still ranked among the poorest countries in the world. Several basic services such as electricity, landline phones, water and sewage infrastructure are limited. Poor infrastructural facilities have largely restricted the growth of the non-life insurance segment in Liberia. Propelled by strong economic growth, the Liberian insurance industry recorded strong growth during the review period (2008-2012), a trend which is expected to continue over the forecast period (2013-2017). GDP at current prices grew at a CAGR of 11.7% during the review period and is anticipated to expand at a CAGR of 9.3% over the forecast period. In line with economic growth, the industry grew at a CAGR of 28.6% during the review period and is projected to grow at a CAGR of 18.5% over the forecast period.

Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Liberia, including:
- The Liberian insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Liberian insurance industry
- The current trends and drivers of the Liberian insurance industry
- The challenges facing the Liberian insurance industry
- The regulatory framework of the Liberian insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Liberia:

- It provides historical values for the Liberian 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 Liberian 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 Liberia 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 Liberian insurance industry and each segment within it
- Assess the competitive dynamics in the Liberian insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Liberian insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Liberian insurance industry and its impact on companies and the industry's future

Key Highlights

- The Liberian insurance industry, although very small, registered significant growth during the review period. This was mainly due to robust economic growth
- Liberia is renowned for iron mining and has been attracting large-scale foreign direct investment (FDI) from firms such as Mittal Steel, China Union and BHP Biliton. This is expected to spur the demand for engineering, marine, aviation and transit insurance products.
- The nation’s rising population spurred demand for life insurance products during the review period, a trend which is expected to continue over the forecast period. Although Liberia’s population is small, it recorded a CAGR of 4% during 2007–2010. In line with this, life insurance sales grew at a CAGR of 35.6% during the review period
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1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Liberian Insurance Industry Overview
3.1 Liberia Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit Insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Insurance Company of Africa – company overview
5.2.2 Omega Insurance Company – company overview
5.2.3 Accident & Casualty Insurance Company – company overview

6 Macroeconomic Indicators
6.1 Household Final Consumption Expenditure (US$ Billion)
6.2 Agriculture, Hunting, Forestry and Fishing Output (US$ Million)
6.3 GDP at Current Prices (US$ Billion)
6.4 Construction Output (US$ Million)
6.5 Inflation Rate (%)
6.6 Total Population
6.7 Manufacturing Output (US$ million)
6.8 Mining, Manufacturing, Utilities Output (US$ Million)
6.9 Exports of Goods and Services (US$ Million)

7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Liberian Insurance – Overall Written Premium by Segment (LRD Million), 2008–2012
Table 3: Liberian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Liberian Insurance – Overall Written Premium by Segment (LRD Million), 2012–2017
Table 5: Liberian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Liberian Insurance – Segmentation (%), 2008–2017
Table 7: Liberian Life Insurance – Written Premium (LRD Million), 2008–2012
Table 8: Liberian Life Insurance – Written Premium (LRD Million), 2012–2017
Table 11: Liberian Life Insurance – Paid Claims (LRD Million), 2008–2012
Table 12: Liberian Life Insurance – Paid Claims (LRD Million), 2012–2017
Table 13: Liberian Life Insurance – Incurred Loss (LRD Million), 2008–2012
Table 14: Liberian Life Insurance – Incurred Loss (LRD Million), 2012–2017
Table 15: Liberian Life Insurance – Loss Ratio (%), 2008–2012
Table 16: Liberian Life Insurance – Loss Ratio (%), 2012–2017
Table 17: Liberian Life Insurance – Combined Ratio (%), 2008–2012
Table 18: Liberian Life Insurance – Combined Ratio (%), 2012–2017
Table 19: Liberian Life Insurance – Total Assets (LRD Million), 2008–2012
Table 20: Liberian Life Insurance – Total Assets (LRD Million), 2012–2017
Table 21: Liberian Life Insurance – Total Investment Income (LRD Million), 2008–2012
Table 22: Liberian Life Insurance – Total Investment Income (LRD Million), 2012–2017
Table 23: Liberian Life Insurance – Retentions (LRD Million), 2008–2012
Table 24: Liberian Life Insurance – Retentions (LRD Million), 2012–2017
Table 25: Liberian Non-Life Insurance – Written Premium by Category (LRD Million), 2008–2012
Table 26: Liberian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 27: Liberian Non-Life Insurance – Written Premium by Category (LRD Million), 2012–2017
Table 28: Liberian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 29: Liberian Non-Life Insurance – Paid Claims (LRD Million), 2008–2012
Table 30: Liberian Non-Life Insurance – Paid Claims (LRD Million), 2012–2017
Table 31: Liberian Non-Life Insurance – Incurred Loss (LRD Million), 2008–2012
Table 32: Liberian Non-Life Insurance – Incurred Loss (LRD Million), 2012–2017
Table 33: Liberian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 34: Liberian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 35: Liberian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 36: Liberian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 37: Liberian Non-Life Insurance – Total Assets (LRD Million), 2008–2012
Table 38: Liberian Non-Life Insurance – Total Assets (LRD Million), 2012–2017
Table 39: Liberian Non-Life Insurance – Total Investment Income (LRD Million), 2008–2012
Table 40: Liberian Non-Life Insurance – Total Investment Income (LRD Million), 2012–2017
Table 41: Liberian Non-Life Insurance – Retentions (LRD Million), 2008–2012
Table 42: Liberian Non-Life Insurance – Retentions (LRD Million), 2012–2017
Table 43: Liberian Property Insurance – Written Premium (LRD Million), 2008–2012
Table 44: Liberian Property Insurance – Written Premium (LRD Million), 2012–2017
Table 45: Liberian Motor Insurance – Written Premium (LRD Million), 2008–2012
Table 46: Liberian Motor Insurance – Written Premium (LRD Million), 2012–2017
Table 47: Liberian Liability Insurance – Written Premium (LRD Million), 2008–2012
Table 48: Liberian Liability Insurance – Written Premium (LRD Million), 2012–2017
Table 49: Liberian Marine, Aviation and Transit Insurance – Written Premium (LRD Million), 2008–2012
Table 50: Liberian Marine, Aviation and Transit Insurance – Written Premium (LRD Million), 2012–2017
Table 51: Liberian Personal Accident and Health Insurance – Written Premium (LRD Million), 2008–2012
Table 52: Liberian Personal Accident and Health Insurance – Written Premium (LRD Million), 2012–2017
Table 53: Liberian Personal Accident and Health Insurance Market – Paid Claims (LRD Million), 2008–2012
Table 54: Liberian Personal Accident and Health Insurance Market – Paid Claims (LRD Million), 2012–2017
Table 55: Liberian Personal Accident and Health Insurance – Incurred Loss (LRD Million), 2008–2012
Table 56: Liberian Personal Accident and Health Insurance – Incurred Loss (LRD Million), 2012–2017
Table 57: Liberian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 58: Liberian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 59: Liberian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 60: Liberian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 61: Liberian Personal Accident and Health Insurance – Total Assets (LRD Million), 2008–2012
Table 62: Liberian Personal Accident and Health Insurance – Total Assets (LRD Million), 2012–2017
Table 63: Liberian Personal Accident and Health Insurance – Total Investment Income (LRD Million), 2008–2012
Table 64: Liberian Personal Accident and Health Insurance – Total Investment Income (LRD Million), 2012–2017
Table 65: Liberian Personal Accident and Health Insurance – Retentions (LRD Million), 2008–2012
Table 66: Liberian Personal Accident and Health Insurance – Retentions (LRD Million), 2012–2017
Table 67: Liberian Reinsurance Ceded by Insurance Segment (LRD Million), 2008–2012
Table 68: Liberian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 69: Liberian Reinsurance Ceded by Insurance Segment (LRD Million), 2012–2017
Table 70: Liberian Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 71: Liberian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 72: Liberian Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 73: Liberian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 74: Liberian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 75: Liberian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 76: Liberian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 77: Insurance Company of Africa, Main Products
Table 78: Insurance Company of Africa, Key Employees
Table 79: Omega Insurance Company, Main Products
Table 80: Omega Insurance Company, Key Employees
Table 81: Accident & Casualty Insurance Company, Main Products
Table 82: Accident & Casualty Insurance Company, Key Employees

List of Figures

Figure 1: Liberian Insurance – Overall Written Premium by Segment (LRD Million), 2008–2017
Figure 2: Liberian Insurance – Dynamics by Segment, 2008–2017
Figure 3: Liberian Life Insurance – Written Premium (LRD Million), 2008–2012
Figure 4: Liberian Life Insurance – Written Premium (LRD Million), 2012–2017
Figure 8: Liberian Life Insurance – Paid Claims (LRD Million), 2008–2012
Figure 9: Liberian Life Insurance – Paid Claims (LRD Million), 2012–2017
Figure 10: Liberian Life Insurance – Incurred Loss (LRD Million), 2008–2012
Figure 11: Liberian Life Insurance – Incurred Loss (LRD Million), 2012–2017
Figure 12: Liberian Life Insurance – Loss Ratio (%), 2008–2012
Figure 13: Liberian Life Insurance – Loss Ratio (%), 2012–2017
Figure 14: Liberian Life Insurance – Combined Ratio (%), 2008–2012
Figure 15: Liberian Life Insurance – Combined Ratio (%), 2012–2017
Figure 16: Liberian Life Insurance – Total Assets (LRD Million), 2008–2012
Figure 17: Liberian Life Insurance – Total Assets (LRD Million), 2012–2017
Figure 18: Liberian Life Insurance – Total Investment Income (LRD Million), 2008–2012
Figure 19: Liberian Life Insurance – Total Investment Income (LRD Million), 2012–2017
Figure 20: Liberian Life Insurance – Retentions (LRD Million), 2008–2012
Figure 21: Liberian Life Insurance – Retentions (LRD Million), 2012–2017
Figure 22: Liberian Life Insurance – Investment (LRD Million), 2008–2012
Figure 23: Liberian Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 24: Liberian Life Insurance – Premium Per Capita (LRD), 2008–2012
Figure 25: Liberian Non-Life Insurance – Written Premium by Category (LRD Million), 2008–2017
Figure 26: Liberian Non-Life Insurance – Written Premium by Category (Percentage Share), 2012 and 2017
Figure 27: Liberian Non-Life Insurance – Dynamics by Category, 2008–2017
Figure 28: Liberian Non-Life Insurance – Paid Claims by Category (LRD Million), 2008–2012
Figure 29: Liberian Non-Life Insurance – Paid Claims (LRD Million), 2012–2017
Figure 30: Liberian Non-Life Insurance – Incurred Loss (LRD Million), 2008–2012
Figure 31: Liberian Non-Life Insurance – Incurred Loss (LRD Million), 2012–2017
Figure 32: Liberian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 33: Liberian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 34: Liberian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 35: Liberian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 36: Liberian Non-Life Insurance – Total Assets (LRD Million), 2008–2012
Figure 37: Liberian Non-Life Insurance – Total Assets (LRD Million), 2012–2017
Figure 38: Liberian Non-Life Insurance – Total Investment Income (LRD Million), 2008–2012
Figure 39: Liberian Non-Life Insurance – Total Investment Income (LRD Million), 2012–2017
Figure 40: Liberian Non-Life Insurance – Retentions (LRD Million), 2008–2012
Figure 41: Liberian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 42: Liberian Non-Life Insurance – Investment (LRD Million), 2008–2012
Figure 43: Liberian Non-Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 44: Liberian Non-Life Insurance – Premium Per Capita (LRD), 2008–2012
Figure 45: Liberian Property Insurance – Written Premium (LRD Million), 2008–2012
Figure 46: Liberian Property Insurance – Written Premium (LRD Million), 2012–2017
Figure 47: Liberian Motor Insurance – Written Premium (LRD Million), 2008–2012
Figure 48: Liberian Motor Insurance – Written Premium (LRD Million), 2012–2017
Figure 49: Liberian Liability Insurance – Written Premium (LRD Million), 2008–2012
Figure 50: Liberian Liability Insurance – Written Premium (LRD Million), 2012–2017
Figure 51: Liberian Marine, Aviation and Transit Insurance – Written Premium (LRD Million), 2008–2012
Figure 52: Liberian Marine, Aviation and Transit Insurance – Written Premium (LRD Million), 2012–2017
Figure 53: Liberian Personal Accident and Health Insurance – Written Premium (LRD Million), 2008–2012
Figure 54: Liberian Personal Accident and Health Insurance – Written Premium (LRD Million), 2012–2017
Figure 55: Liberian Personal Accident and Health Insurance – Paid Claims by Category (LRD Million), 2008–2012
Figure 56: Liberian Personal Accident and Health Insurance – Paid Claims (LRD Million), 2012–2017
Figure 57: Liberian Personal Accident and Health Insurance – Incurred Loss (LRD Million), 2008–2012
Figure 58: Liberian Personal Accident and Health Insurance – Incurred Loss (LRD Million), 2012–2017
Figure 59: Liberian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 60: Liberian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 61: Liberian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 62: Liberian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 63: Liberian Personal Accident and Health Insurance – Total Assets (LRD Million), 2008–2012
Figure 64: Liberian Personal Accident and Health Insurance – Total Assets (LRD Million), 2012–2017
Figure 65: Liberian Personal Accident and Health Insurance – Total Investment Income (LRD Million), 2008–2012
Figure 66: Liberian Personal Accident and Health Insurance – Total Investment Income (LRD Million), 2012–2017
Figure 67: Liberian Personal Accident and Health Insurance – Retentions (LRD Million), 2008–2012
Figure 68: Liberian Personal Accident and Health Insurance – Retentions (US$ Million), 2012–2017
Figure 69: Liberian Personal Accident and Health Insurance – Investment (LRD Million), 2008–2012
Figure 70: Liberian Personal Accident and Health Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 71: Liberian Personal Accident and Health Insurance – Premium Per Capita (LRD), 2008–2012
Figure 72: Liberian Reinsurance Ceded by Insurance Segment (LRD Million), 2008–2017
Figure 73: Liberian Reinsurance – Dynamics by Insurance Segment, 2008–2017
Figure 74: Liberian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 75: Liberian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 76: Liberian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 77: Liberian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 78: Liberian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 79: Liberian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 80: Liberian Final Consumption Expenditure (US$ Billion), 2007–2011
Figure 81: Liberian Agriculture, Hunting, Forestry, Fishing Output (US$ Million), 2007–2011
Figure 82: Liberian GDP at Current Prices (US$ Billion), 2007–2011
Figure 83: Liberian Construction Output (US$ Million), 2007–2011
Figure 84: Liberian Inflation Rate (%), 2007–2011
Figure 85: Liberian Total Population (Million), 2007–2011
Figure 86: Liberian Manufacturing Output (US$ Million), 2007–2011
Figure 87: Liberian Mining, Manufacturing, Utilities Output (US$ Million), 2007–2011
Figure 88: Liberian Exports of Goods and Services (US$ Million), 2007–2011
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- Accident & Casualty Insurance Company
- Insurance Company of Africa
- Omega Insurance Company
Note: Product cover images may vary from those shown
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