The Governor of the National Bank of Rwanda (BNR), Soraya Hakuziyaremye, announced that the recent reforms made in the insurance sector are expected to begin being implemented within the next few months.
She said, “We have new strategies that we believe will be approved in the coming months. They will present a clear plan of what we want as a country in the insurance sector to continue encouraging citizens and educating them to use insurance services.”
She further noted that they will review whether any legal amendments are needed to allow the introduction of new types of insurance products, especially now that climate change is causing more frequent natural disasters.
Financial sector players say that more awareness campaigns are still needed because many Rwandans only think about getting insurance after facing risks. They also emphasize that the insurance industry itself needs to keep up with modern times. Finance expert Jean Bosco Kalisa believes insurance companies should integrate more advanced technology to speed up their services.
He explained that Rwanda’s insurance industry still relies on outdated systems, suggesting that providers should adopt platforms compatible with mobile phones.
He gave an example: “Recently, I wanted to travel to Nyagatare District at night but realized my vehicle insurance had expired. I had to wait until 9 a.m. the next day for offices to open so I could renew it. We need technological innovations that make services more accessible and faster.”
Damien Ndizeye, Executive Director of the Consumer Rights Protection Organization (ADECOR), said entering the insurance business requires significant capital, which limits participation and makes insurance services less accessible to the general population.
He said, “Insurance prices are high, so only a few wealthy investors can enter the insurance market. We should also have insurance providers operating in rural areas, targeting low-income citizens so they too can access insurance.”
Recent statistics show that by 2024, 27% of adult Rwandans about 2.2 million people had various types of insurance other than health insurance. This represents a 10% increase from 2020, when only 17% (around 1.2 million people) were insured.