Insurance Penetration: Challenges and Opportunities

Insurance, in an economy, is an essential factor to consider as it allows people to afford basic amenities and securities at affordable rates. They are able to secure their health, products, jobs, education and other factors. The demand for insurance is an indication of the current health of the society. With this analogy, Sierra Leone¿s economic health is very low. It is advised that the country identify ways in which it can improve its current demand for insurance. Change of marketing and advertising strategies by the marketing firms would be a starting point. Since most of the marketing strategies rely on agency marketing and focus on promoting insurance as a commodity and not a need, focusing the strategy on insurance as a need and not a product is a start. Secondly, there is a need to review the regulations manning insurance within the country to befit the country¿s current situations. The study identified that implementation of these measurements would guarantee the penetration of insurance within the economy.