Statistics from the Rwanda Insurers Association (ASSAR) show that there was a fall in the number of people who acquired fire insurance from 28,625 customers in 2019, to 28,495 in 2020, and 25,927 in 2021.
French development institution Proparco has acquired a stake worth $10m in Mauritian insurance company MUA, which has a presence in several markets in Africa.
Mauritius's biggest insurer, having won a $10m investment from France's Proparco this month, is eyeing a 10% market share in a number of East African markets after outgrowing its Indian Ocean island home, reported Bloomberg.
Farmers are arguing that the current crop insurance policy which only covers costs such as for seeds and fertilisers, is not enough, calling for coverage to be extended to expected farm output - based on the production trend of a given crop per hectare.
Mauritius Union Assurance (MUA), the insurance leader on the Mauritius Stock Exchange, is looking to make further inroads into other parts of Africa.
The low uptake of fire insurance in Rwanda is due to factors such as the relatively low risk of fire incidents compared to other accidents, the small profit margin for insurers, and the country's economy that is still small, say insurers.
Rwanda Private Medical Facilities Association (RPMFA) has made rescinded its decision to suspend three insurers over claims arrears.
The government has stepped in to address huge hikes in insurance premiums on motorcycle taxis, which have left vehicle operators worried about their own livelihood.
Nairobi-headquartered ZEP-RE has received approval from the Rwandan government to set up an office in Kigali, the capital of Rwanda.
A high percentage (70%) of insurers in Rwanda expect premium income to recover by 2021, according to the not-for-profit organisation Access to Finance Rwanda (AFR).