BK Group, the biggest financial services group in Rwanda, has announced plans to merge its subsidiary BK General Insurance with Rwanda Social Security Board (RSSB)-owned Sonarwa General and Sonarwa Life Assurance. The objective of the move is to increase and consolidate market share.
The board of directors of BK Group has approved the establishment of a new insurance group through a merger of BK General Insurance, Sonarwa General Insurance and Sonarwa Life Assurance.
Motorcycle insurance premiums are rising fast, rising to RWF180,000 ($132) at present from RWF40,000 in 2018 for a motorcycle that is less than five years old. The premium is expected to be hiked again when the motorcycle is over five years old.
Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
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.