Insurance and financial services in Sierra Leone
Sierra Leone: Insurance and financial services was 10.1% in 2024. ▬ Flat
Insurance and financial services in Sierra Leone, 1977–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2024, insurance and financial services in Sierra Leone stood at 10.1%.
Compared with earlier readings it is down 30.9% on the previous year and up 113.4% over ten years.
Over the whole period, insurance and financial services in Sierra Leone peaked at 18.4% in 1983 and was at its lowest, 2.2%, in 1999.
Sierra Leone ranks 52nd of 197 countries on this measure, in the middle of the range.
Insurance and financial services in Sierra Leone, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 6.0% | — |
| 1978 | 11.2% | +87.1% |
| 1979 | 13.2% | +17.1% |
| 1980 | 12.3% | -6.4% |
| 1981 | 5.4% | -56.2% |
| 1982 | 17.0% | +215.9% |
| 1983 | 18.4% | +7.7% |
| 1984 | 14.6% | -20.2% |
| 1985 | 15.5% | +5.7% |
| 1986 | 12.1% | -21.9% |
| 1987 | 6.1% | -49.8% |
| 1988 | 10.6% | +74.1% |
| 1989 | 9.2% | -13.1% |
| 1990 | 4.8% | -48.1% |
| 1991 | 5.4% | +13.0% |
| 1992 | 5.5% | +1.8% |
| 1993 | 5.0% | -8.2% |
| 1994 | 3.7% | -26.8% |
| 1995 | 3.8% | +2.5% |
| 1996 | 6.1% | +62.7% |
| 1997 | 4.7% | -23.3% |
| 1998 | 6.1% | +30.3% |
| 1999 | 2.2% | -63.6% |
| 2000 | 3.6% | +61.4% |
| 2001 | 4.0% | +11.9% |
| 2002 | 8.0% | +98.1% |
| 2003 | 7.9% | -1.1% |
| 2004 | 7.0% | -11.3% |
| 2005 | 9.7% | +37.7% |
| 2006 | 10.0% | +3.6% |
| 2007 | 9.8% | -1.8% |
| 2008 | 10.0% | +2.0% |
| 2009 | 7.5% | -24.8% |
| 2010 | 2.8% | -62.4% |
| 2011 | 4.2% | +46.4% |
| 2012 | 4.4% | +6.3% |
| 2013 | 7.5% | +69.6% |
| 2014 | 4.7% | -37.1% |
| 2015 | 5.8% | +21.9% |
| 2016 | 8.2% | +42.2% |
| 2017 | 9.6% | +17.3% |
| 2018 | 10.4% | +8.0% |
| 2019 | 10.1% | -2.8% |
| 2020 | 17.7% | +76.3% |
| 2021 | 16.4% | -7.6% |
| 2022 | 11.3% | -31.2% |
| 2023 | 14.6% | +29.2% |
| 2024 | 10.1% | -30.9% |
Sierra Leone compared with similar countries
- Sierra Leone's 10.1% is above the median for low income countries, which is 4.2%, 2.4× the median. (22 countries reporting)
- Sierra Leone's 10.1% is above the median for Sub-Saharan Africa, which is 6.5%, 1.5× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 10.1% | 6.0% | 13.2% | 3 |
| 1980s | 12.1% | 5.4% | 18.4% | 10 |
| 1990s | 4.7% | 2.2% | 6.1% | 10 |
| 2000s | 7.8% | 3.6% | 10.0% | 10 |
| 2010s | 6.8% | 2.8% | 10.4% | 10 |
| 2020s | 14.0% | 10.1% | 17.7% | 5 |
Countries ranked near Sierra Leone
- 49 Bolivia, Plurinational State of 10.3% compare
- 50 Antigua and Barbuda 10.2% compare
- 51 Turks and Caicos Islands 10.1% compare
- 53 Costa Rica 10.1% compare
- 54 Sao Tome and Principe 9.8% compare
- 55 United Kingdom of Great Britain and Northern Ireland 9.8% compare
More private sector data for Sierra Leone
- Merchandise trade 45.9% (2025)
- Food imports 32.3% (2018)
- Manufactures imports 63.9% (2018)
- Merchandise imports 1.89 billion current US$ (2025)
- Food exports 45.6% (2018)
- Manufactures exports 25.1% (2018)
- Merchandise exports 1.53 billion current US$ (2025)
- Merchandise exports (current US$), per capita 173.93 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2055 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 6.75 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Sierra Leone?
- Insurance and financial services in Sierra Leone was 10.1% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Sierra Leone?
- The highest recorded value was 18.4% in 1983.
- What is the lowest insurance and financial services recorded in Sierra Leone?
- The lowest recorded value was 2.2% in 1999.
- How does Sierra Leone rank for insurance and financial services?
- Sierra Leone ranks 52nd out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Sierra Leone?
- Over the last ten years it is up 113.4%. The long-run trend across the full record is flat.
- Where does this Sierra Leone data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of commercial service imports). Statizoid updates them automatically from the source API.
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About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service imports which are commercial services provided by non-residents to residents.