The Supreme Court has dismissed a petition filed by the Rwanda Insurers' Association (ASSAR) requesting an order for the Minister of Labour to introduce a minimum wage.
The number of insurers in Rwanda reduced from 16 in December 2018 to 14 in December 2019, according to a Budget Framework Paper released on 21 May by the Ministry of Finance and Economic Planning.
Local insurance companies in Rwanda have filed a public litigation case in the Supreme Court in which they contest the lack of a minimum wage, arguing that such a situation is against the public interest and threatens the profitability of insurers.
Rwanda's largest commercial bank, Bank of Kigali, aims to expand its range of financial services in the medium term to include life insurance, the bank's CEO Diane Karusisi tells The Africa Report.
South African financial services giant Sanlam has completed its 100% takeover of the Rwandan insurance company, Soras Assurance, and its merger with the insurance unit Saham Assurance.
Vehicles that have been involved in many accidents will be subjected to higher insurance premiums if insurance firms adopt a new pricing strategy.
Members of the Parliamentary Standing Committee on Economy and Trade held discussions last week on the draft microinsurance law with stakeholders.
The Rwandan insurance industry has reported underwriting losses of RWF900m ($980,000) for the first half of this year.